00:04I think the number one underlying driver is market concerns about fiscal policy and fiscal issuance.
00:12Another factor is you're having massive AI investment that's being financed at the back end of the curve.
00:19That's further pushing up yields.
00:21The uncertainty that I described, investors are willing to buy, but they want to be paid.
00:27And term premiums are being driven up.
00:30And then finally, there's uncertainty about inflation.
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