Join us for "What's Up With Bond Markets?", the first installment of The Macro Brief Seminar series presented by Zachary Ramsey. This session offers a comprehensive introduction to US Treasuries, yield curve dynamics, and the story behind America's growing national debt. We'll start with the fundamentals of bonds, including how prices and yields move against each other, then decode what the yield curve tells us about the economy and recession risk. From there we'll explore repo markets and key rate benchmarks like SOFR, survey the roughly $40 trillion Treasury market and its full menu of securities, and break down how Treasury auctions actually work. The back half turns to the headlines: why long-term borrowing costs have hit their highest levels since 2001, how the debt problem compares across major economies like Japan, Germany, the UK, and France, and the latest policy moves from Treasury Secretary Scott Bessent and the Federal Reserve ahead of the September FOMC meeting. We'll close with an open discussion on whether structural inflation is here to stay now that the national debt has crossed $40 trillion. Whether you're new to fixed income or a seasoned macro watcher, come ready to learn and share your take. A Q&A and group discussion will follow.