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The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang
Forward Guidance
The Unprecedented Volatility of the US Treasury Market in March 2020
There was historically unprecedented volatility in the, in the US treasury market during March 2020. And so basically what happened is we saw a huge bid for Treasuries and then we saw a sell off because you had these relative value hedge funds,. like that were their basis trades were blowing up. You also had like 400 investors who were trying to sell Treasuries to try and get cash. Basically the US treasuryMarket became completely frozen or like basically, uh, almost totally unusable for a period of several days. It's this type of thing that I'm referring to when I talk about balance sheet capacity, it could come down to some trading desk manager on the floor of like the, the
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