Hello, fellow Robo capitals hope you're well.

So I wanted to go over the big debate as to if the supply of treasuries impacts the price or yield of treasuries because from that you get a lot of arguments

because if the supply really matters and hey the yield curve is dead guys the yield curve is dead and I hear this constantly right now

oh the yield curve hasn't worked since they started QE because the finger or the fed

as their finger on the market. Or the Fed is applying, let's say, economic distortions to the market

to where you can't believe the price signals that you're getting from the yield curve.

That's basically the argument. Because if the Fed is buying all the treasuries, well, then if the long end of the curve is lower than the front end,

well, you can't put any merit into that because that just means

the Fed is buying all these treasuries and taking out all the supply. And therefore, that's the reason

the curve is inverted. It has absolutely nothing to do with the economy, George, and it leads to a lot of other arguments as well, such as the long people are talking about how the deficits are

going to blow up the debt is going to blow up and there's going to be

no one to buy our debt there's going to be no one to buy our debt.

There's going to be no one to buy treasuries.

And therefore, they're going to have to do yield curve control because the longer

the curve is going to explode higher interest rates.

This is the argument.

And it's the same argument just presented in a different way because the argument stems from Treasury supply being the big difference.

That's what really matters at the end of the day.

It's Treasury's supply.

So if the Fed is buying, then interest rates are going low.

But if there's an oversupply,

then interest rates are going to skyrocket.

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