Yes I think it does mean rates will inger higher for longer on the front end. It might just be that the market is coming around to the FED verbiage that rates will not be cut at the first sign of slowness. There was an argument to buy long duration when the 10yr was around 4% b/c most viewed that was a high rate and you would make on price when rates dropped. Makes sense, but for people who think like us, I liked the higher, shorter rate b/c I viewed that short rates would not drop and we could have optionality at maturity, given our willingness to go into other areas.