Carry can make a boring bond position attractive even when the macro view is only mildly supportive. What is happening: Not every fixed-income position needs a dramatic directional bet. Sometimes the income profile itself does much of the work. Why it matters: That matters because carry changes how patient an investor can be while waiting for the thesis to play out. In practice: A bond yielding attractively may tolerate a slower path to capital gains than a zero-carry macro trade. Watch for: The mistake is ignoring how much return comes from just holding the instrument competently. Useful lens: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.