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Yield Has Goed Up, but It's Only Caught Up Really in the Short End, Right?
Yield has gone up, but it's only caught up really in the short end of the curve. And that's where big money binds. You know, we're talking about insurance and pensions. People just stop buying certain types of insurance or they start reducing their policies. So, return demand has gone up. That's just that's compressed spreads, even though yields have gone up.