True in theory

Powell Says Policy Appropriate With No Bias to Hike or Cut
How does it work in practice.  The structure contains a heavy tail, Congress reacts to the volatility in the ten year rate, which has again done a nine basis point swing while the one year barely moves.

The issue is being forced, it is generational overlap time. The goal posts too narrow and Congress has no commutativity. Congress has no ability for individual obligations to slip past each other, in short term priority.

The Boeing, Airbus problem over again. We need to give the Fed a more representative sample of loans to deposits. The productivity gain is new liquidity in government programs that hold with their matched S/L accounts. We gain a short term relative pay off. Powell is ready.