Speaker said, "I think ten and 30 years should outperform" and specifically that "ten year yields are below 4% by the end of the year." If the Fed delays rate cuts to continue fighting inflation, inflation expectations (breakevens) should compress, pulling nominal rates lower. This dynamic particularly benefits long-dated bonds. LONG because he expects yields on these maturities to fall, raising their prices, with a specific target for the 10-year. Persistent inflation forces the Fed to hike further or hold rates high for longer, causing long-term yields to rise instead.