Fed's Williams just dropped an interesting take on what bond markets are telling us lately. While the bond market's been pricing in signals that point toward a higher R-star (that's the neutral interest rate for those not glued to Fed-speak), Williams isn't exactly buying it. He's basically saying yeah, I see what the market's implying, but I'm taking that signal with a grain of salt. Classic central banker move - market says one thing, they pump the brakes. This matters because R-star expectations shape where rates might settle long-term, which directly impacts how we think about valuations across all risk assets.