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Warning flags are out. SOFR. Tbills. TIPS. Serious deflationary storm is brewing.

Eurodollar University

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Those Are the Warning Signs of a Third Deflationary Expansion

Treasury bill rates, ridiculously low. The sofa rate the last couple days has been 2.98%. That's seven basis points below RRP. Could that be too much money? Well, the Fed is doing QT. They're cutting back. Bank reserves are falling. Where is this too much money stuff coming from? It's lack of collateral.

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