China's 10-year government bond yield just reached a 20-year low. UST yields are moving down again. What does it all mean; more importantly why do we need to care? It isn't just the signal bond curves provide, it is just as much the lack of direct access to the information we truly need.  Eurodollar University's Money & Macro Analysis FOMC Transcript February 1999https://www.federalreserve.gov/monetarypolicy/files/FOMC19990203meeting.pdf BIS CGFS Papers No 65 US dollar funding: an international perspectivehttps://www.bis.org/publ/cgfs65.pdf https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU