The Fed Didn't Buy the Treasuries, but It's Not the Same at All.

In the Fed, they admit this. They say the Federal Reserve is not a central bank in the old Walter Badget model of lender of last resort. So there was a massive shortage of on the run treasuries which after CARES Act was passed late in March meant that the US Treasury started selling lots of treasury bills into the marketplace. The other part that I didn't talk about before as these off the run treasures became less and less negotiable in repo that meant the only collateral usable in repo were on the run treasury. But yeah, and I would argue about the effectiveness of the patching it up too. I think that really the liquidity problem didn't end until the US