Well, all of the above is true, but the timing is +/- one year. I would expect some tightening in 3Q (Sept - Nov), but around 2%. The bond market is currently going through a massive short squeeze. Bond prices will rise and then bond prices will fall. I'm guessing here, but I expect rising bond prices in April and May. And falling bond prices in June and July. Then back up to 2% in Sept - Nov. Ride the bond rollercoaster. Hold on tight J. Powell. Don't blink too soon.