Why doesn't more debt raise the ten year rate?

And no, it does not seem to be the Feds price deflator.  More likely, crowding out from a channel other than interest rates. It is, drum roll, the federal government does not realize its losses, it just keeps on subsidizing them. Hence, the second dip we are due will be the dip in which DC delevers. The crowding out channel as generally been imports, mainly oil. We are living with about 8 trillion of unrealized losses by the federal government, wish us luck!