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| "text": "We're just continue to do this as long as we're going to be able to do that. Yeah. And so they're gonna and they're gonna do that until the reverse repo facility is drained, and then they're gonna have no choice but to go further out on the curve or just keep cycling and recycling these these T bills and hopefully into notes and hopefully further on on the curve as rates come down. But they're kind of playing a game of chicken with the economy and the [REDACTED] hoping that rates will come down soon enough, and the the landing will be soft enough that it doesn't cause the you know the the recession doesn't cause the deficits to blow out and then all of a sudden they have to borrow more money. So that's kind of what they're hoping on. I I I think it's it's unlikely. I think we're going to have a hard recession. I think they're gonna have to borrow more. And so that is a problem. But I would expect the [REDACTED] to hustle and get that bomb buyback program up and running ASAP. So like right, we hit the ground running in [DATE] They're gonna be buying as many off the run USTs as they can. And like I said, that's quasi yield curve control. I don't I don't see it any other way. So", |
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| "start_time": 66.64, |
| "end_time": 67.04, |
| "start_frame_idx": 1997, |
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| "text": "curve", |
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| "end_time": 67.36, |
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| "text": "control.", |
| "start_time": 67.36, |
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| { |
| "text": "I", |
| "start_time": 67.68, |
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| "start_frame_idx": 2028, |
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| }, |
| { |
| "text": "don't", |
| "start_time": 67.76, |
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| }, |
| { |
| "text": "I", |
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| }, |
| { |
| "text": "don't", |
| "start_time": 68.0, |
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| }, |
| { |
| "text": "see", |
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| { |
| "text": "it", |
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| { |
| "text": "any", |
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| { |
| "text": "other", |
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| { |
| "text": "way.", |
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| { |
| "text": "So", |
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| { |
| "text": "We're just continue to do this as long as we're going to be able to do that.", |
| "start": 0.08, |
| "end": 2.24, |
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| { |
| "text": "Yeah.", |
| "start": 3.36, |
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| { |
| "text": "And so they're gonna and they're gonna do that until the reverse repo facility is drained, and then they're gonna have no choice but to go further out on the curve or just keep cycling and recycling these these T bills and hopefully into notes and hopefully further on on the curve as rates come down.", |
| "start": 3.84, |
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| "text": "But they're kind of playing a game of chicken with the economy and the [REDACTED] hoping that rates will come down soon enough, and the the landing will be soft enough that it doesn't cause the you know the the recession doesn't cause the deficits to blow out and then all of a sudden they have to borrow more money.", |
| "start": 21.04, |
| "end": 41.36, |
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| { |
| "text": "So that's kind of what they're hoping on.", |
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| { |
| "text": "I I I think it's it's unlikely.", |
| "start": 44.32, |
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| }, |
| { |
| "text": "I think we're going to have a hard recession.", |
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| "text": "I think they're gonna have to borrow more.", |
| "start": 48.0, |
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| { |
| "text": "And so that is a problem.", |
| "start": 49.52, |
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| { |
| "text": "But I would expect the [REDACTED] to hustle and get that bomb buyback program up and running ASAP.", |
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| { |
| "text": "So like right, we hit the ground running in [DATE]", |
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| "text": "They're gonna be buying as many off the run USTs as they can.", |
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| { |
| "text": "And like I said, that's quasi yield curve control.", |
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| { |
| "text": "I don't I don't see it any other way.", |
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| "text": "So", |
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