Really?

That was our jet- debt to GDP ratio.

All right, here we are today at about the same interest rate, and what is our debt to GDP ratio? About 1.2.

So every move in interest rates, a tenth higher, quarter, quarter, quarter of a percent higher, um, has a entirely different ramifications for the national debt, debt servicing than it did 25 years ago the last time we were around these rates regularly.

And there is a level where we hit kind of, call it, uh, escape velocity, and the, the only way we're gonna get out of that is the Fed stepping in.

And that is, uh, that, you get a, an election, you get Anthropic, we're through the Anthro- the excitement of the Anthropic IPO.

It starts to roll over because it should not be worth $3 trillion.

Anything catching your eye in the world of VIX options this week, sir?

Then he's no trader just because he managed money for Soros.

I mean, he was speaking the language and letting basically the market know that you are not going to get away with shorting bonds.

And that kind of put a stop to the bond market.

It's still in kind of like this flux, right? You still have the 30-year at 5.25 and the 10-year at 4.7-ish.

But they stopped exploding higher, dropped, rallied, and have kind of sat here.

And I'm interested to see where this goes.

We've now had the Treasury intercede in markets twice in three weeks.

Anything catching your eye out there in the world of VIX options this week, sir?

Which of those two movies do you prefer? Are you down for the scary movie, or are you down for the rom-com?

You know, this feels like it's a bit of both right now.

Right now, we're watching the rom-com, as you will say.

You know, looking at everything.

The bond market, what's going on with JPY.

I think the market for now... has belief that the government is going to step in if that starts to get away again.

Now, they shot their shot on the Euro-JPY trade, but they still have other levers they're going to press.

Speaking of interesting stuff, anything catching your eye in the world of VIX options this week, sir?

First off, have you pulled any pearls of wisdom from your six or seven additional viewings now of the Motu film that you didn't see on the first time? And then B, what are your thoughts on this kind of wild ball week we're having, sir? And this non-farms rally

today? You know, everything I'm seeing says that, you know, on Thursday, between Thursday and Friday, Japan and the United States pulled out a liquidity bazookas, each of them, and fired it at this market and the market absolutely took off.

Now, in the process, the United States managed to piss off a bunch of Europeans because the transaction they executed was unique.

They figured out a very smart way to boost the yen without actually causing brown problems.

That might have been their one shot to do that without having to intervene in a different way.

But that liquidity has thus far held up the yen, and you combine the weak non-farms and some pretty decent earnings, and you get the 30-year coming off over.

It was almost 530 for a yield.

I'm curious, you folks over there in Pitland, have you delved into the return of the single stock futures at all? Does that excite you? Futures on, you know, Nvidia and Apple and all that fun? Or are you kind of meh like a lot of our audience

It's been fun.

Yeah, it's been fun.

Masters of the Universe.

Who doesn't want to see it? Yeah, so it's been interesting.

You know, we've got this potential peace deal.

Thursday was playing out exactly like every other day this week, right? Open up strong, give it away, right? And then we get this announcement and the market absolutely booms higher.

Failed 7,400.

allocation so uh that's why i think having options start next tuesday you know what i think we'll get a little bit of a of an even bigger boost you know besides the fact i think they're going to be crazy busy uh you will probably see some people just trying to lock in uh this this big first move um

Mm

...

if there is a ceasefire.

Um, the relationship between oil and bonds, uh, they, they, the two have been inver- trading inversely ever since this conflict began.

Uh, we're still sitting at the two-year trading ...

Let me get, um, the most recent.

I mean, the two-year yield is still over 4%.

Yeah.

So are you saying the same thing could happen with NVIDIA? It's possible.

You know, there is an old saying, and this is something that farmers have known for hundreds of years.

And the solution to high prices is high prices.

And NVIDIA has spent the last couple of years being able to charge exorbitant margins on their chips.

That will not last.

There are two solutions to that solution to high prices.

One, competition comes on.

What do you like there at Reddit?