# Margin Lift, Excitable Risk, and The Path of Interest Rates

Page: https://stenobird.com/podcast/van-hesser-s-3-things-in-credit-a-kbra-podcast-4507838/margin-lift-excitable-risk-and-the-path-of-interest-rates
Text version: https://stenobird.com/podcast/van-hesser-s-3-things-in-credit-a-kbra-podcast-4507838/margin-lift-excitable-risk-and-the-path-of-interest-rates.md
Podcast: [Van Hesser's 3 Things in Credit - A KBRA Podcast](https://stenobird.com/podcast/van-hesser-s-3-things-in-credit-a-kbra-podcast-4507838)
Published: 2026-02-06T18:22:35+00:00
Episode link: https://podcasters.spotify.com/pod/show/kbra981/episodes/Margin-Lift--Excitable-Risk--and-The-Path-of-Interest-Rates-e3eo1q2
Audio file: https://anchor.fm/s/109cbc12c/podcast/play/115131650/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-1-6%2Fb6116531-9f67-4769-a7f8-ceae81360a84.mp3
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Duration seconds: 532

## Resource

This week, our 3 Things are: Margin lift. They’re high and expected to go higher. Excitable risk. Volatility is back. Just how much matters to credit fundamentals? The path of interest rates. The consensus is calling for a 4-bp range for the 10-year over the next six quarters. What does that tell you?

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