Liquidity in the Treasury Markets

The last auction we had for the 10 years last week was, it was the sixth tailing auction in a row. That means that as you're go as the year is progressing, even in the one issued market, they can't keep up with how weak the demand is going to be next round. Part of it is because the, the, the Fed is continuing to raise rates and people are expecting that so they want a higher rate and part of it is just demand. But when you have some sort of market shock and you have a large customer that comes in and wants to sell treasures, there's not the volume or depth of the book anymore. And that's when you get into

Play episode from 09:33

Transcript

Episode notes

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!

Get the app