Why fixed income is more interesting than it sounds

Fixed income has a branding problem. Say "bonds" at a party and watch people's eyes glaze over. Next to equities it looks slow, technical, unglamorous.

That's exactly what makes it interesting.

Where the signal actually is

Equity markets are noisy: sentiment, narrative, and momentum all compete for the same price. Rates markets are closer to the machinery. They price growth expectations, inflation, and policy directly, without as much story stacked on top.

If you want to know what the market actually believes about the next two years, don't read the headlines. Read the curve.

What I'm working through right now

I'm spending most of my reading time on:

• Term structure and what shifts in the curve actually imply
• Credit spreads as a read on risk appetite, not just default probability
• How central bank policy propagates through short and long ends differently

More notes on this as I go.