Given Aug is a deep focus on everything debt and deficits thematically at meetperry - this is a prescient warning and great video from @infraa_ of the current predicament facing our nation and one the Fed and Treasury are firmly staring down at the moment. Jackson Hole anyone? The long end isn’t responding to the rate cut cycle in the same way it has in the past. That means in order to keep nominal growth above the 10yr you either need to A: accept a higher normal band of inflation to keep real GDP + inflation rate higher than interest cost (feels likely but won’t be explicitly stated for a bit) B - keep a lid on the long end 10yr through increased Treasury buying of the long end (QE) or C - hold on tight My guess in the short term is QT slows / stops. QE begins again through long end purchases to cap long end rates and keep interest as a % of govt spending from spiking, and rate cuts happen faster than the market has priced. Turkey on Thanksgiving Day chart. h/t my friend @Tyler_Neville_ for the awareness bump