Long term spread compression spells flat line ahead
No spectral composition anymore, that means wide band variations, apply the antit-fourier thing and you get steady state, low growth in smooth math. That would be a Whoops.
Information technology, it constantly raises accuracy, so the premium on liquidity, the ability to grab inventory as the technology reveals it. The business model behind the treasury curve is DC, and that model is not so nimble, and loses the game too much.
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