PTJ spoke with ARS today in a pretty rare interview. No real shocker headline but I did notice a nuance in his answers.
Paul Jones once famously said, "Don't tell me why tell me when." As close as he got to that today was "after the midterms." If you haven't seen the 1987 PBS documentary Trader 1) why are you in this business? 2) Go DO Now.
Anyway, We obviously feel the same way PTJ does about rates and believe its already on. No need to wait for election results. We also have posted here that the tax cut will put the onus on the FOMC and PTJ seems to agree.
He said his exposure was abnormally low right now confirming his belief that the "when" is "not yet." Based on his statements I would venture he does have a decent amount of Reds and Greens on the short side.