Significance of Negative Swap Spreads

EDU's Guide to What A Collateral Shortage Looks Like
Link Here: https://funnel.eurodollar.university/collateral

While everyone was looking into year-end SOFR, real money stuff went haywire. Repo fails absolutely surged and swap spreads collapsed more than they had already. Dealers are hoarding Treasuries at the same time where banks are hitting up the Fed's BTFP. What do all of these and others mean, including the BTFP? 

Eurodollar University's Money & Macro Analysis

IOSCO/CPSS Securities Lending Report
https://www.bis.org/press/p990712.htm

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU