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The biggest buyer just found a reason to stay home.

Two years of silence are ending all at once.

Every position resets before sunrise on borrowed money.

Every gear that built the boom has now reversed.

93% of managers expect flat or lower returns this year.

$10 trillion in bonds roll over at today's rates.

Congress built the funnel. Nobody turned it off.

Actual purchases were fifteen times the official figure.

Most fixed-coupon debt hasn't repriced yet.

Most owners run the math and stay put.

Revenue grew 11.3%. The per-share figure grew 27.7%.

The largest foreign holder found better returns at home.