Are the Convenience Yields Going Down?

The future flow of all these convenience yields is much bigger than we originally thought. We have to be mindful that in the US, we could exhaust the exorbitant privilege. So I think that the key point here is we need to do more work about what the relation is between these convenience yields that we earn and the quantity of treasuries that we supply to the market. That's sort of what I think requires a lot more work from us.

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