The 4% handle is where the fixed-rate receiver conversation begins in earnest. We've been here before.
In fact, we saw peaks at 4.6%, 4.4% and 4.3% in 2023, 2024 and 2025 respectively.
We're likely heading back in that direction, but note that the peaks have been less pronounced each time we've hit one. Greedy? Maybe 10-20bp higher from here is the bliss level.
