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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

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The Value of Treasury Bills in the Money Market

The three month treasury yield is now yielding over 5% or something like the federal funds rate, which is in high 4%, a little bit less than 5%. So 4.8% you can get just by parking your money at the Fed for the reverse repo or IOR for Fed funds market - that's between other banks. But then you have a one month treasury bill trading over 100 basis points. And the demand is extreme.

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