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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
The Risks of Liquidity Preference
Treasury bill auctions have been conducted since mid-March and in the four week bill auction for the last six have produced 0% low yields. At least 5% of those bidding at the auction were awarded a bid said, "I will pay the most, the highest price I can possibly pay just so that I get my hands on these treasury bills" So it's not an investment consideration; you have to look at these things as sort of balance sheet tools. And because of that, you're willing to pay an extraordinary premium because you have to have these tools,. otherwise you risk not being able to get to stay in business.
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