Famed hedge fund manager, Paul Tudor Jones, remarked recently on CNBC that with respect to the upcoming election, all roads point to inflation. In other words, neither of the candidates is known to be or is even suggesting to be an inflation fighter. Whether it be the usual suspects of pre-voting giveaways like no taxes on tips, no college loans, money for start-ups, or deductions for car loan interest, they all are inflationary. Throw in some tariffs and infrastructure spending under the guise of the Inflation Reduction Act and you get the picture. Paul Tudor Jones’ main concern is that prices will seemingly go higher as our national debt, and more importantly, our national debt interest costs go up exponentially, which will keep rates higher and costs higher, etc. The ten year is ending the week at about 4.24%, while gold is setting new records. We are positioning for a potential soft landing with the possibility of some Halloween surprises over in the bond patch.