If you have a big rope and you're on one end and you just start whipping it, it creates those waves. You have control on the side, the short part of the curve, but that energy will flow through and start flicking the back end quite violently sometimes. The risk is going forward, will the Fed lose control of the bond market?

You talk about the short and long end. And for our listeners, the way I've always thought about it is if you have a big rope and you're on one end and you just start whipping it, it creates those waves. Well, you have control on the side, the short part of the curve, but that energy will flow through and start flicking the back end quite violently sometimes. So, you got to be careful of how hard you shake that rope with the interest rates of up and down because it's going to trickle out. And I think what you're saying is we're starting to feel a lot of that whipping on the long end, which was we're now living in what used to be the long end, and now we're feeling that. Is that is that right? Exactly. Yeah. Over three, going back for the last time fifteen years, they've been able to control mainly the whole curve by predominantly controlling the short end of the curve. Mhmm. The risk is going forward, will that say where were those same rules apply? And starting last year, there was some noise around us. Right? They lowered interest rates last fall in 2024.