Fed funds futures are pricing in roughly a 50% probability of a 25-basis-point rate hike at the next Federal Open Market Committee meeting. Seidner’s view: the Fed holds rates exactly where they are through the end of 2026. He expects it to steepen, with longer-dated Treasury yields climbing relative to shorter maturities. Pimco manages trillions of dollars in assets, so when its CIO for non-traditional strategies calls Treasury yields attractive, it’s not idle commentary. If Seidner is right, the current level of Treasury yields represents something close to a gift for investors willing to lock in rates before the market recalibrates its expectations downward.