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Late Cycle Bond Trades | Mark Cabana on Mild Recession Case and Treasury Market Supply
Forward Guidance
The Market Dynamics of the Short Term Money Market Stress in March of 2020
The SEC rules in our view don't adequately address that risk. Dealers then had their balance sheets bloat to the point where they could take no additional risk. And essentially what happened was the dealer balance sheets froze. The market froze because of that. It's probably beyond the scope for the SEC to do that. But nonetheless, we don't think that these rules go far enough to ensure that that type of market event never happens again.
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