The Fed's Quantitative Easing System

When you increase the amount of reserves in the banking system, what are banks going to do with all those reserves? Can they just go and buy Apple stock? Technically they can, but in practice, they won't. So that's kind of one of the things that's putting a lot of pressure on the treasury market now. I'm pushing yields lower. Fed did a monstrous, monstrous amount of QE. Commercial banks have a ton of reserves. They want to, hold something that more yields more than five basis points. And so they're rebalancing out of reserves and into treasuries.