- Deflation (underway; look at Cleveland Nowcast or Truflation)
- YCC (stablecoin has a role here)
- GSEs (+ Fed?) buying more MBS (constraint is self-imposed)
- Convexity hedging (Collapsing duration from MBS refi wave drives duration demand)
https://x.com/yieldsearcher/status/2017030282856079477?s=46&t=1vlQfdo9pC4lN6kyv0vNbQ