00:00When it comes to all this issuance, how much is that affecting the treasury market as one of the
00:04issues that we see yields rising? Yes, so there is definitely investors saying, what do I want to
00:10own? Do I want to own treasuries? Do I want to own these companies where there's unbelievable demand,
00:15demand for compute, demand for AI? Pick and choose your spots. Is it what's causing yields higher
00:21in the treasury space? Sure, there's a little bit of hedging going on, but that's not the reason
00:26the back end is higher completely. What's the reason? Yeah, so a few things. We've got this
00:32continuing war. We don't know when it's going to end. We have a Fed reaction function. We are
00:38really still unaware of what that looks like. Maybe the minutes will give us a little bit more. I don't
00:43think we're going to get much, but let's see. In Jackson Hole, I'd say the same. And you've got a
00:48question of, is inflation actually going to come down? And is this a Fed that, through that reaction
00:54function, will actually be working on that? And then you've got global risk premium. It's not
00:59just a US story. It's across the board.
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