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      "text": "We expected a combination of aggressive fiscal and monetary policy, vaccines, and the reopening of the economy would lead to full employment and heightened inflation",
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      "text": "We initially purchased interest rate hedges in late 2020 and early 2021, as we believed the Fed would need to raise rates much earlier than the market anticipated",
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      "text": "(1) As implied by the 30-Day Fed Funds futures contract expiring on December 31, 2022 and traded on the Chicago Mercantile Exchange. Current Fed Funds forward rate is as of 2/8/2022. Pricing Source: Bloomberg (FFZ2 Comdty).",
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