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Looks like in the event, things have surprised on the downside.

I have some queries:

1. What's your take on the 20 Year bond at 4.91% and the elevated short-term rates at 6 month and shorter intervals? Does this indicate that bondholders are expecting higher rates for longer?

2. At what point will the impact of the high interest rates begin to increase the interest component on the debt appreciably? Will this make it difficult for the Fed to sell bonds to meet repayments?

3. What will be the impact on bond issuance if the dollar starts to lose value? This would shift the paradigm I would imagine because it would not have occurred in the past. Seems to me that any weakness in the dollar will require higher interest rates. That will give the US a dose of the same sort of medicine that everyone else has to put up with. Sort of a reverse of the Asian financial crisis.

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