The Presumption That a Rate Auction Will Fail

There's a presumption you're making Douglas that a rate auction will fail. Do you see any concern about global markets absorbing all of this issuance that's coming from Treasury? So, I don't worry about the Treasury auctions failing. What is more concerning to me is that at what rate does the auction clear? so, right now, so 10 year, looks like it's about 3.8% today.