00:00The interesting thing is the rise in long-term interest rates relative to the rise in inflation expectations has been
00:07much greater.
00:08So real rates have done most of the work here.
00:10So interestingly enough, while you'd think that inflation would have this big influence on long rates,
00:15particularly energy prices, this real rate move, not just in the U.S., but globally,
00:20has been very noteworthy in Japan, in France, in the U.K., in Germany,
00:25and tells me that I think debts and deficits are a part of the equation when figuring out where long
00:31-term rates are going
00:32and that investors are swamped with too much supply for the first time in our lifetimes.
00:37Interesting.
