Quantitative Tightening and the Bond Market

The bond market's got enough to worry about itself, but you actually think that quantitative tightening will be very bad for the bond market and will exacerbate downward pressures. Can you explain your thesis on that? And then I want to get George in, because I know George has got a very different view. Yeah, sure. So I look at any asset as basically just supply and demand. Supply and demand is the ultimate fundamental for all financial assets. You're going to have a record amount of supply that has to be digested by non-fit people.