As the 10-year Treasury trades near the low end of our current range of 4.3% to 4.5% and we digest jobs data and prepare for the Fed, it seems like a good time to revisit and restate our outlook for rates. Political Reaction to First Fed Cut Before going further, it makes sense to take a look at the likely political reaction to the first Fed cut. Why? Because, I for one, believe that it will influence the timing of their cuts this year. Former President, and presumptive Republican nominee, Donald Trump, is likely to use social media and the ... Revisiting Our Rate Outlook