Steve Saretsky

They can control the short end of the curve unless the market brings rates through the curve.

We talked about that a few minutes ago.

But, I mean, think about it.

In 2022, again, the 10-year bond went from 1% to 4%.

They've got everyone on variable rate or 5-year mortgage rates.

You know, some people got rates at, what, less than 1%, Steve, and 21%.

So my response is, you know, the question is, well, you know, will governments not let rates go higher?

You know, by default, they should have said back then, okay, this is it.

Rates are never going higher.

And what's the five-year mortgage rate now?

Yeah, so people have gone from sub-one to four and a half.

They're not going to be able to control everyone.

You're going to get a little break.

So what we know that will absolutely happen, and I think this is your question, Steve, where you're guiding it, is that central banks, including the Bank of Canada and the Squirmer, we haven't mentioned him for a while, Rich, they're going to bail out Ottawa Bank.

every single time they have to.

And the Fed will bail out Washington.

The Bank of England will bail out those guys and so forth.

So they'll print money, do QE to buy government bonds.

And they bailed out the provincial bond market as well during COVID.

But then they can't go into the corporate bond world or credit markets.