Hi Aden, it's not something I follow closely or know much about, so take this with a large grain of salt. My guess would be that it's related to the Fed's intention to shrink its balance sheet, and that those securities will have to find a bid at a higher yield (aka lower price) if the Fed isn't there to backstop and buy everything in sight.
https://www.sandiegouniontribune.com/business/story/2022-04-29/san-diego-migration-is-a-lack-of-housing-and-high-costs-pushing-people-to-move-elsewhere
Hi Aden, it's not something I follow closely or know much about, so take this with a large grain of salt. My guess would be that it's related to the Fed's intention to shrink its balance sheet, and that those securities will have to find a bid at a higher yield (aka lower price) if the Fed isn't there to backstop and buy everything in sight.