Are We Going to Buy and Hold Short Dated Bonds at Close to 5%?

HSBC: We like front end of the curve over back end. You take very little duration and credit risk. You get paid. TBO is paying you almost 5% and commercial papers are paying you 5.5%. And given our view that actually rates will stay longer for higher, for longer, we don't necessarily want to go into the long end of the Curve. I think it comes down to what extent macro damages have been priced in by markets. The term premier should come back. It's under appreciating the degree that we're going to have to leave with inflation. But if market pricing changes, getting closer to our fair value, that would certainly change things as well.