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Why the Fed Is Buying 10 Years in a Low Interest Rate Environment
Everybody's upside down. None of these banks have positive equity. If they have to mark to market all of their treasuries, they're all negative equity for every one of these banks because of this dynamic that's playing out. So why are they, why are they reaching out for 10 years in this low interest rate environment? It makes no sense. I'm curious if you, why would they buy 10 years?