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Jeff Snider: The Credit Crunch Is Here As Ultra Rare Bond Market Signal Flashes Red For First Time Since 2008

Forward Guidance

CHAPTER

The Counter Theory of the Debt Ceiling

Theory goes that there's a preference for paper for treasuries that will mature before the debt ceiling is breached. Money market funds are understandably careful about the debt ceiling, so what they'll do is they'll buy longer dated bills when it's projected to be raised because we all know it will be. This is really just an issue about that narrow window where there's some uncertainty there but that doesn't lead to this massive drop in bill yields," he says.

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