So, if you're ready, Drew, why don't we come all the way, as they say? Oh, Perry. I don't know where that came from.

I don't know where that came from.

Hey, everybody, I'm Kyle Rizzo. Welcome back to Make Me Smart on a Monday. Yes, it's a Monday where we make the day make sense.

That's the tagline for this podcast.

And I'm Sabrina Benashore, stepping in for Kimberly Adams. Thanks for joining us today, indeed it is a Monday.

Monday, 21st of August. Sabrina doing double duty today, by the way, you found the spot for the show and now he's doing this.

So, you know, you got to get it pretty early in the morning to beat Sabrina Benashore. I'll tell you that.

All right. So, well, look, I mean, we have a stupidly early morning meeting and then we do this stupidly at the end of the day.

And, you know, it's a burning candle to both ends. That's all I'm saying.

We will do what we always do on this podcast, little bit of news, little bit of Make Me Smile, and then we will move smartly about our days.

Sabrina, you got to go first.

Oh, okay. So, for my news fix, I saw a couple things. One was my spot that I did for today's show, which people can listen to it.

Basically, Japan and China have the most U.S. Treasury bonds among foreign countries.

And they are a little less interested in having them these days, basically for reasons internal to their economies and their currencies.

But one thing that I learned in the course of doing this was that it's actually it's not just Japan and China that has reduced appetite.

If you think about it, a lot of entities are less interested in holding Treasury bonds. Banks are less interested in holding Treasury's right now.

The Federal Reserve is less interested in holding Treasury's right now because they're unwinding.

So, you have, it's like on the margins, this decline in interest in holding Treasury's at the same time as the Treasury Department is pumping more and more of them out.

And anyway, that's just one reason why the yields on the tenure are so high, meaning the cost of borrowing is so high.

It's just that the borrowing that was so easy for so long is about to get is getting has gotten a lot more expensive for the government.

So I'm putting that out there.

No, it's actually a huge story and I'm glad number one you did the spot for us and I'm glad you're highlighting it here because rising the money getting more expensive is not just for you and me and the guy down the street.

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