Subject: Re: The good old days ...
A 0.25% cut in September doesn't trend line out to 0% - my guess (prediction?) is that short term rates settle in the 4%-5% range with the 10Y slightly higher; based on inflation figures in the 3% range. We will probably get a cut of roughly 2% at most during the next recession (which is always just around the corner).

Of course a 0.25% cut doesn't automatically put the rates on path to 0! That is obvious. My point is that it is very difficult to predict "normalized" rates (short or long).