Looks like Trump's getting his wish – a Fed chair ready to slash rates aggressively. But here's the kicker: even with rate cuts coming, don't expect mortgages or other long-term borrowing costs to drop anytime soon.

Why? Strong economic fundamentals. When the economy keeps humming along, long-term rates stay stubborn. The bond market's betting on sustained growth, which keeps yields elevated regardless of what the Fed does with short-term rates.

For those watching macro implications on risk assets – this disconnect between policy rates and long-term yields creates an interesting dynamic. Cheaper short-term money, but no relief on the long end. Classic yield curve situation that traders should keep on their radar.