Saturn-Neptune "Extend & Pretend" Investing Credit spreads alone are giving investors false comfort. Even if spreads remain relatively tight, borrowers are refinancing at much higher absolute rates—and government, consumers, municipalities, and corporations are all competing for capital. Keep in mind that the Treasury's intervention may temporarily push yields lower, especially given large speculative short positions in bonds, but it does not solve the structural drivers: large deficits, heavy debt issuance, foreign diversification away from U.S. Treasuries, and elevated inflation/rate risk. Probably nothing... 🤠