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Best Idea and the Single Best Idea. Now I was to say thank you to Man Deep Sing, who just was outstanding yesterday with a supporting cast of Anaagrana out in Chicago and a major thanks to Stacy Roskin of Bernstein getting up very early in La on what we all witnessed yesterday. I have no idea where this is heading, but all I know is what I do is just shut up and read, and I shut up and listen to people like Man Deep Sing. It was just a
real triumph yesterday. We had a huge response. Thank you to all of you on the Single Best Idea podcast and to all of our good guests today. We tried to get off of Nvidia, off of AI and you do that with a definitive guest. On fixed income, Ian Lncoln is legendary at Beamont Capital Markets. He writes an incredibly dense daily note that is read word for word on Wall Street. Ian Lingoln on the FED meeting where we are on the curve.
I think that this is the part of the cycle where it is a make or break moment for the bear steepening narrative, and that is that core short from the speculative community in tens and thirties that has been persistent throughout a lot of the cycle. I think that we're poised for a reversal. Everyone's been waiting for an opportunity to buy treasuries that have been waiting for the proverbial dust to settle. Hasn't settled yet, but it's to
some extent. It's the opposite of what we've seen in the equity market, which is everyone's waiting for a moment to sell. Now people are waiting for a moment to add to treasuries.
My amateur nuance there is Lingen is looking for the opportunity of modestly higher yields where he will step into price up lower. He was adamant that he can't call that right now. Maybe that has a little bit to do with the Fed meeting tomorrow. Don't forget the Fed decides tomorrow at one thirty. Jonathan Farrell, Lisa Abramowitz, and myself, and we'll give you coverage over the Powell press conference again, Ian Lincoln here on the fixed income market.
If we look historically, it's very tempting to say, look, we're back towards the averages. We're back at normal. But the reality is that as the real economy has evolved over the course of the last two or three decades, we have become accustomed to lower real yields and lower nominal yields. So I'll argue that we're still at the
upper end, or the restrictive part of the cycle. And the nuance is that during the pandemic, everyone including corporations, we're able to lock in extremely low long term financing rack of mortgages, and we're still working through that buffer to absorb high inflation or to drive consumption.
Paul Sweeney's been really big on that, the idea that everybody did manipulations during the pandemic, and that's changed, to use an overused word, it's changed the calculus of where we are right now. Ian Lincoln is with BEMO Capital Markets. Tomorrow the FED meeting, and then we move on tomorrow as well into an important earnings season. I really can't say enough about the entire broad network of Bloomberg LP and Bloomberg News to give you perspective on those tech
earnings across the nation. On your commute, we're at Apple car Play and Android Auto. I should also point out we're on YouTube, subscribe to Bloomberg podcasts and a YouTube podcasts. It's single best I do