The Fed's Unfrozen Treasury Market

In early 2000s, treasury market securities outstanding was like six or seven trillion and daily cash transactions were about 400 billion a day. Now fast forward to today you know marketable treasuries are above 20 trillion, but the daily cash transactions are just about 600 billion. So there was that was kind of, you can think about it as a giant bank and almost in that was systemically important. Once you fix that to set as Nick mentioned, he's kind of unfrozen it so that helped a lot.