As I look at this chart today, which I saw yesterday, I think: everyone can also see this, they must assume that an infinite Fed put will sustain it. Then the first thing that comes to mind for what could bring that to a surprise end is a treasury bond auction fail. Coincidentally, last night I had a dream that I was in the passenger seat of a car, explaining monetary economics and the current situation to my family in the back seat. @ODELL was driving the car and after I finished, Matt goes “yea you’re in about chapter 12 of The Mandibles.” Honest to god.