美联储QT，monetery policy.

联邦zf在赤字，cancel student loans, fund Ukraine war, fund Israel war, fund the illegal immigrants. 不印钱咋办？难道真指望price control, unrealized capital gain tax?

Fiscal policy 在制造通膨 https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/

Remember America Fisrt.

通常是长债利率高于短债。银行拿借了短债的钱放长债，赚利息差。

然而美联储狂涨隔夜利率，短债利率超过长债利率。inverted yield curve.

时间一长，几个中小银行崩溃。