The Price to Be Paid for Risk

The BTFP is a game changer, bank term funding program. The margin will be a hundred percent of par value. You know what this means? They're going to protect the banks no matter what it is with the bonds. So at least inflation is going down, right? A lot of people are saying, well,flation is going down. It's gray. Look at the numbers. We are below what we were before. And from a year ago, it's fantastic. Everybody should be happy. Really? Is that really the case? Have we always measured success of inflation going down on a 12-month marker or a 24-month marker?"