Long Bond Basing Into FOMC

$TLT

Powell’s up in an hour.

TLT 0.00%↑ has been rangebound all year, and really, back to 2023. The next move in rates, whenever that may be, is seemingly going to be lower. It feels like TLT 0.00%↑ has a floor at that $83 level, providing more risk then reward from here. I’ve allocated some cash into TLT 0.00%↑ on an expectation of a retest of at least the April levels.