First Republic Under Stress, Now What?
The Macro Trading Floor
The Fed Is Losing Control of T-Bills
There are a lot of very large institutions in the system that have plenty of dollars to park or invest in safe short-dated instruments and they do not have access to Fed funds. If you don't have access to the Fed, what's the safest asset you can buy to park your dollars? It's very short-dated T-bills. This is just an institutional behavior that tries to preserve basically pay full principle and coupon payment as much as they can.
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