@SteveRoth I would point out, though, that even though they are conceptually distinct and not *necessarily* connected at all, there are in practice connections between #3 (mere rebalancing, swaps, churn) and real economic activity most directly impacted by #2. For example, if wealthholders in aggregate seek to churn into real estate, their bids are one way (not the only way) RE prices rise, very likely leading to new construction to bleed what would be #3 into #2 at those higher prices. 2/