The 2026 rate-cut expectations are pricing in roughly 50 basis points of Fed easing, which frankly puts us at an extreme end of the dovish spectrum. This leaves Treasury yields with limited room to fall further—we're essentially already baked in the least hawkish scenario. Meanwhile, Powell's recent comments keep grabbing headlines and pulling focus, but they're masking something more fundamental: the bigger macro currents steering this whole show. The real drivers aren't always what gets the most airtime.