u/Own-Performance-5687

This video was made 2 weeks ago examining Kevin Warsh's background and views on the market.

Using the SpaceX IPO as a clean example of basic price rationing: when retail demand hits a fixed float, price does the rationing instead of quantity. Same mechanic that makes a Treasury auction tail when the bid is thin — not enough buyers at the screen, so yield backs up to clear.

Made a quick 45-sec explainer walking through the demand/supply framing: [link]

Relevant this week with the 20Y reopening hitting on the FOMC eve — curious how people are reading auction concession into Wednesday.

Educational, not investment advice.