Cyclical Bond Bull, Secular Bear

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Cyclical Bond Bull, Secular Bear

Fed's hawkish rate guidance and start to DT created the conditions for a growth scare pullback this week, 4% could easily turn to 10% if the Fed doesn't get back on track

Barry C. Knapp

Nov 10, 2025

∙ Paid

This is an audio summary of our November 8 note, Cyclical Bond Bull, Secular Bear

*Figure 7: Why the FOMC doesn’t appreciate the impact of positive carry (an upward sloping yield curve) escapes us.*

Barry C. Knapp

Managing Partner

Director of Research

Ironsides Macroeconomics LLC

908-821-7584

bcknapp@ironsidesmacro.com

https://www.linkedin.com/in/barry-c-knapp/

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