What Will Cause The Next Market Crash?
Many Happy Returns
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The Fed's Actions in the Bacti System
The treasury market is kind of underlying all of this stuff. It's what's in money market funds to a large extent. The volatility of the treasury market is much higher than usual, and the liquidity has actually been much lower than usual. Even on March the 13th this year, two-year treasury yields fell by more than 60 basis points in a day,. which is the single largest decline since 1987. So that's the kind of thing you'd expect to see in a full-blown crisis.
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