The Biggest Reset of a Lifetime

A third of the US debt is maturing in the next 12 months and will be refinanced from 1.7% to what 5%. I mean, does that at all shake your conviction that they might pivot and debt rates much lower before they need to refinance that debt? Well, that's a conspiracy theorist, which I think Dave is great at digging into and knows more about it than I do. The macro is still bad. That's why I look at the big picture. You have to think at least 12 months forward. And that's where I'm still concerned that you see the fed funds rate 12 months down around 5%. Because if I'm going to get 5% and

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