Over the last few weeks there has been lots of discussion around things like YCC, real rates, repo market, steepening yield curve, etc. IMO, Many people are getting stuck in the weeds and missing the big picture.
4/ If we begin creeping into these deflationary spirals (March 2020), the federal reserve and the government will do whatever it takes to stop it. This includes running massive deficits like we saw in 2020 and the Fed basically printing the money to finance those deficits.
5/ In short, the amount of money (debt) in a debt based monetary system, must always be growing otherwise there is pain. And if the pain lasts too long, the entire financial system would completely implode.