Now to be clear if JJ cut rates by 100 bps the cost to carry US debt would go down by $300 billion, but he will risk re-igniting inflation on the country, the question I have is, Why didn’t Janet refinance the bulk of US debt at 30 yr rates of 1.8% (vs. the 4.5% today) when she could have? Well because issuing long-term debt ran the risk of raising long-term interest rates, impacting mortgage rates and other borrowing costs, which carried political risks during the Biden Administration. Ok but when rates were 1.8% what was the risk? 2.5%? Great because now we run the risk of refinancing that debt at 5% or more.