Geoffrey Yu of BNY writing the November 4 refunding is the key test. If treasury actions loosen conditions while inflation remains above target, the Fed may eventually need to offset some of that impulse. Geoff joins us now for more.Geoff, let's talk about it. We only just had one, quarterly refunding. It's a few months away now, Geoff.What's your base case. Oh, well, right now, it's about financial conditions. Right.We need to look at this on a comprehensive basis. And, crucially, the market is still prici ...

Mark in terms of the casualties of this collision of tectonic plates, it feels like the dollar is actually one of the biggest casualties. And the kind of the famous Connolly phrase, our currency. Your problem feels like it's reversing a little bit.Your currency, your problem. I think that's absolutely true, that the dollar will be the long term, sustainable victim of the various interventions in policy by the US Treasury recently combined with the new approach from the FOMC. Um, and I think, you know, this ...