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PIMCO’s Cash King On Liquidity, Repo, Debt Ceiling, And Yield Curve Inversion | Jerome Schneider
Forward Guidance
The Disparity in the Front End of the Market
The one-month T-bill is trading so rich, the yield is up to 100 basis points lower than the equivalent Fed funds where they would be paid on reverse repo facility or other places. What does that indicate? And also, your prior response, you said that what you see in the repo space often can give you an indication of what's really going on. So really the demand for T-bills is a function of supply and demand. There's a limited amount of supply of T-b bills, especially as we're getting into the debt ceiling, which we can touch back on here in a few minutes.
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