The QT Time Bomb Is Ticking

The most important thing you want to see about commercial banks is if they're lending. Real rates are also still very low, so it makes sense to borrow. One other thing that I would be focusing on is whether or not banks are still buying treasures in agency and BS. When the QT time bomb goes off, I don't know. It's just when I see the mechanics of the system, that's kind of how it's headed.