I suspect we're seeing policymakers discover in real-time the constraints imposed by a world of structurally higher nominal growth, deficits, and equilibrium bond yields. For many years, officials could treat the total quantity of govt debt as the primary issue because duration was cheap. Now they may be finding out that the more acute pressure point is the amount of private sector balance sheet capacity willing to hold duration at politically tolerable yields.(𝐓𝐗𝐌𝐂)