Markets Are Quiet. Too Quiet.
Many Happy Returns
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Bond Volatility Is Lower Than It Was in March
Bond volatility is still at elevated levels relative to history. But nowhere near the levels we saw in March, where you had the onset of the banking crisis and it just spiked to almost record levels. The size of the Fed balance sheet is shrinking again after we have the hiccup for the banking crisis. And so the kind of marginal buyer of treasuries has kind of disappeared. It's been declining over the last three months.
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