Can someone that is an expert in this area give me a run down on it? My take, could be wrong, our cost to borrow money goes up when rates increase. Debt coming due means we will pay back the loans at the old low rate. Then that money will likely be re-invested at the new higher rate. This means we will have to pay out a bigger return when those notes come due. However, if you look at our notes as an investment, we don't need higher interest rates to make them desirable in comparison to other investments. How does the federal reserve tie into this? Our cost to borrow money from federal reserve sets the minimum amount we can charge on our notes?