To what extent is it helping or hindering markets, would you say, Tim?

I mean, we've got a bit of an odd situation in sort of US policymaking circles at the moment.

We've got Scott Besson sort of saying he owns the house or whatever.

At the same time, we've got from the Fed, you know, it's not really the Treasury's job, I wouldn't say, to sort of have that sort of thought or consideration, really.

And at the same time, we've got Walsh and also Waller from the Fed sort of trying to sort of step back and sort of suggest that they should act as an umpire, whereas really, I mean, really the, you know... monetary and fiscal systems that we've had for 30 years plus really is that the central bank should be essentially the biggest player at the short end and not the umpire.

The central bank policy has evolved over the last, as I say, 30 years to be very transparent, to do a lot of communicating with the market, you know, to move away from the sort of Volcker era approach of just letting the market work out what the rate was kind of thing.

because central bankers have found that doing so reduces volatility and then reduces the term premium that's built into markets.

Tim, what about treasuries? Is AI issuance having an impact there? Maybe in the very

To what extent is it helping or hindering markets, would you say, Tim?

I mean, we've got a bit of an odd situation in sort of US policymaking circles at the moment.

We've got Scott Besson sort of saying he owns the house or whatever.

At the same time, we've got from the Fed, you know, it's not really the Treasury's job, I wouldn't say, to sort of have that sort of thought or consideration, really.

And at the same time, we've got Walsh and also Waller from the Fed sort of trying to sort of step back and sort of suggest that they should act as an umpire, whereas really, I mean, really the, you know... monetary and fiscal systems that we've had for 30 years plus really is that the central bank should be essentially the biggest player at the short end and not the umpire.

The central bank policy has evolved over the last, as I say, 30 years to be very transparent, to do a lot of communicating with the market, you know, to move away from the sort of Volcker era approach of just letting the market work out what the rate was kind of thing.

because central bankers have found that doing so reduces volatility and then reduces the term premium that's built into markets.

Tim, what about treasuries? Is AI issuance having an impact there? Maybe in the very