So first, a little bit of definitions.

Actually, I believe the one year itself is a note.

What is even a treasury?

But hopefully at this point you have a sense of what the yield curve is.

So these treasury securities, whether they're T Bills, treasury bills, treasury notes, or treasury bonds.

Short date

So I will give the government 1,000, the government would give me a treasury bill.

Short date format

Date in Short Format

Traditionally, when the fed is more focused on short term interest rates, on overnight borrowing rates between banks, it will use these to buy shorter term debt that increases the amount of currency out there the amount of dollars out there, and so it will

Remember, this is the annual interest rate but this is an overnight loan.

Syncing Date and Time

But the whole point of open market operations is to set this overnight borrowing rate.

So this right here is a Treasury bond or bill.

This would be something like here on our graph.

Short Periodic Table

Come back 15 years later.

And maybe the fed is able to, through intervention, first they're able to print money, normally they buy shorter term debt, maybe they start buying longer term treasury debt, and maybe that helps get the yield curve, for longer term treasuries down a little bit.

Similarly, if it's three months, it's a three month treasury bill.

So if I give a loan to the government for 1,000 for six months, that will be a treasury bill.

Resident population 562.

For a very short while now.

It won't be for long. It's a shortterm placement.

And because it's a junkier rating, no one is going to want to buy it.

And the Fed usually cares about getting that interest rate within a certain zone, around a certain target.

When did everything start having an expiration date?

Loss of shortterm memory,

Because if you lend to the federal government and they're running short of cash, all they have to do is increase taxes on us the people and they can pay back your debt.

Then you could trade it with other people.

And this non traditional type of intervention, where the Fed is no longer concerned about a target rate, because the target rate is already at zero, where the Fed is not purchasing short term debt, but is trying to buy longer term debt, things further down the yield curve, and maybe things that aren't Treasury securities to begin with, maybe they're starting to buy corporate debt, maybe they're starting to buy mortgage backed securities, this is called quantitative easing quantitative easing.

So on this graph that we're going to make using the actual yield curve rates, from zero to one year and actually there's no zero year treasury bill.

It was called the Automatic Binding Brick.

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I'm a reasonable guy. It's a shortterm deal.

I'm putting a clock on my offer. You got till the end of the day. I want an answer in the morning.

The best growth rates they've had ever.

And that's the main theme of what I want to say to you this morning.

So get peacekeepers there, but get them home as soon as possible.

This mission is a quick inandout.

Short accounts make long friends.

We abbreviate Sunday to Sun.

A, that there was a long term target for carbon emission cuts,

We cannot make the mistakes we've made with malaria and HlV.

lt succeeded for a brief period.

First of all, he's not gonna do eight years.