 Janet Yellen made a tremendous policy error by not taking advantage of those low long-term rates over the 10 to 30-year horizons. She should have refinanced all U.S. debt to low interest before the Fed started jacking those rates up because now most of the U.S. debt is financed under less than 12-month durations that are yielding over 5.5%. What does that mean in real terms? It means that over a trillion dollars,