There isn't going to be any more tightening, sorry to say. The yield curve is flat out to 30 years. 5-year breakeven inflation has come down to 1.67%, way below

There isn't going to be any more tightening, sorry to say. The yield curve is flat out to 30 years. 5-year breakeven inflation has come down to 1.67%, way below the Fed target. Unless the Democrats rev up government spending again, which they can't until at least 2020, 2.5% is where this cycle peaks. So much for the secular bond bear market: the pattern of ever looser credit cycles remains.