You Won’t Believe What Happened In The Treasury Market
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The Fed is going to need some more not-QE and fast. We’ve got the year-end surge in repo borrowing at its window, which is already way more than expected. At the same time, front end Treasury bill yields tumble in what is looking more like collateral scarcity along the lines of repo fails. Plus, the rest of the yield curve spent the entire fourth quarter – doing nothing. Literally nothing - and that’s huge.
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