What This Wild Month In Markets Has Exposed
Market Depth
The Volatility of the JGB Market
This month of March, on an intraday basis, we've seen the largest swings in the front end of yield curves in Germany and in US. Why? I guess infinite reasons, right? But mainly, yes, there's a flight to safety. Yes, there's collateral shortage and kind of a scramble for it. Okay, those two things are like banking crisis related. Of course, those those things are occurring. There is something that is hugely missing from the narrative that's being taken over by the banking crises that are happening. So a major, major reason for the volatility that I've been pointing out on market death every single day is trading illiquidity and technical market structure
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