The Importance of Time Horizons for the US Government

I love the idea of the cat, the damned up capital having to find a home elsewhere I think that's going to be a really important shift in change isn't it. We're exiting a regime where inflation was persistently lower than their price stability mandate which gave them a political air cover. And ultimately it's just going to be much more difficult environment to generate returns from being just naked long beta and expecting that to consistently supply the market with liquidity. Sounds like that's something that we need to price end today or tomorrow but I think this is the regime that we're in.