00:00Global yields Scott Besson as well. David Weston questioning him about the U.S. versus the rest of the world. And I just want to add in something that George Saravellos of Deutsche Bank wrote this week. He talked about the Japanese yen. He said it's strengthening. And even as U.S. yields are rising and we consider this as evidence that foreign participation in the U.S. Treasury market is declining. The bond dollar correlation needs to be watched closely. It'll be the clearest signal of an ongoing deterioration in U.S. bond dynamics. Now Treasury Secretary Besson said this is a global
00:29phenomenon. All yields are up. The dollar isn't weaker. It's just that other currencies are stronger. Who do we believe here given that you saw with your very own eyes that Sell America is perhaps not actually getting implemented. Well the issue is it's the view that Sell America is a possibility. Right. The Treasury debt should never really be questioned. And I think investors are really starting to ask questions which is really a big problem for Treasuries as really the benchmark. We're talking about all global yields moving together. It's the Treasury market that's
00:59driving all those yields. That's driving all those yields. We are the 800 pound gorilla in the room. So if we can get our fiscal house in order or if our economic data really starts to slow we'll probably see interest rates moving lower led by the U.S.
01:14And then I think that's the big issue here is that we are still very much the leader in global bond movement. And if we can get our rates under control that will get reverberated throughout the globe as well.
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