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Is There a New Bidder for Treasuries?
I think on one dimension, it's good to have a new buyer treasuries when you might be missing buyers of treasuries from existing sources. The question for me is though, where on the curve does that actually matter, right? And if if they actually are functioning more as like money market funds or like highly regulated,. That might be like three months or one year less. Yeah, I mean, this is the thing. These periods of high structural debts lead to this sort of no win situation for different fiscal authorities that have competing obligations. So there could be an indirect effect where just in general, there's more dollar demand and therefore there's more demand for dollar substitutes along the