The US Deficit

On a relative basis this is the largest downward revision to NFP data since the Great Financial Crisis

Average 30-Year Mortgage Rate in the US… 1970s: 8.9% 1980s: 12.7% 1990s: 8.1% 2000s: 6.3% 2010s: 4.1% 2020s: 5.2%

That is likely the case, particularly with aggressive deficit spending + tax cuts.

Treasury market is telling us that the economy is slowing