The author argues that high-beta stocks have already priced in a rate hike, so the risk/reward into next week's FOMC is skewed to the upside. The catalyst is the FOMC meeting next week, where any less-hawkish outcome would benefit high-beta names. The main risk is that a hike or hawkish guidance is not fully priced and high-betas sell off.
Fiscal policy will silent-default, hurting long bonds
The author argues that fiscal policy over the next decade will lead to a 'silent default' on debt, likely through inflation, making locking in 5% yields a losing proposition. This implies long-duration Treasury bonds will lose real value. No specific catalyst or timeframe is given, and the main risk is that fiscal consolidation or disinflation could preserve bond returns.