00:00We're trying to signal that we think that this is a thinly traded area of the market, that we're in
00:07August and there's been a lot of corporate issuance that's influenced the market and we believe that there are many
00:15underlying factors that the market is not looking at and we are going to make a market in these, we
00:25routinely do buybacks and we're going to increase the size of the buyback.
00:29And, you know, Sarah, I would note that it could be more than the $4 billion per issue. We believe
00:36that the liquidity, especially in the 30-year point, is very poor and we are, in the administration, we are
00:45announcing probably at the end of this week, beginning of next week, an increased focus on fiscal consolidation and, you
00:54know, it's the coming from President Trump, Russ Vogt and myself will be
00:59examining both on the revenue side and the cost side of what we can do. Again, you know, I think
01:06that the Treasury and the Fed would work together if there was any change in the balance sheet and we
01:14would adjust to any kind of runoff that they're doing.
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