Here is a short missive from Bill Gross:Long-term research indicates US 10 year has traded at CPI plus 175.With inflation at 2.5% that puts a 10 year at 4.25% or so.That was history — but deficits/ensuing supply of bonds/and a weak dollar should keep CPI from falling below 2.5% and the 10 year from falling below 4.25%.Stocks are AI dominated and continue to suggest 1-2% economic growth despite tariffs and geopolitical unrest.I suggest a “little bull market” for stocks and a “little bear market” for bonds.Nothing dramatic either way for now.US 10s are trading at 4.31% today, near the bottom of the range over the past month. This article was written by Adam Button at www.forexlive.com.