The Fed's Capitulation of the Treasury Market

Investors have been using the treasury market to park their cash and they can't ignore the yields that you just described. The clearing price I'm worried about in the ten year yield and even the third year is higher than it is. It's for these negative reasons and I think that's going to create a problem here for sovereign bonds around the world because we're all highly correlated. Last year the US paid roughly say $500 billion to service this debt. We are approaching now a trillion dollars in a year.