The Role of Treasuries in Short Term Yields

There's a lot of money parked at the Fed that it's just very convenient to park the money at the Fed. It's paying you an interest. And so there are less kind of investment decisions to take you through account because the Fed is money good and they're the highest quality counterparty, including Treasuries. But I also think that rates are just not high enough yet. So as rates get higher, I think you'll see that.