Now, looking at the broader risk market though, it's very obvious to me that we are at a point where there is a lot of speculation in the market, right? I don't have to point to SpaceX, which lost a few billion last year, trading at over $2 trillion in valuation. So there's a lot of just momentum and leverage chasing the market.

If it were to become very more volatile, funding costs would be more volatile. Yes, it would be more difficult for them to lever up on their basis trades, and that would make it more difficult for the market to absorb as much Treasury issuance as is coming.