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The US government bond market has come under strain during this week’s financial market tumult

Wednesday during an ugly day for stocks, when haven Treasuries would typically be expected to rally, they actually fell. 

“The average trader on Wall Street is inexperienced, can’t take risk, and now can’t communicate with colleagues properly,” he said. 

“They’re isolated at home in their sweatpants, and they’re not going to step in to provide liquidity. Psychologically it’s a bad situation.”

FT 12 March 2020

“The sun rises in the east,” said Ajay Rajadhyaksha, an analyst with Barclays in New York and a member of the Treasury Borrowing Advisory Committee to the Federal Reserve Bank of New York, a group of top Wall Street executives who advise on conditions in the Treasury market.

“You also know when things go bad, Treasuries rally, and if they don’t, that is incredibly problematic.” He added: “That’s when you begin to get concerned about whether markets are breaking down.”


Investors and analysts are warning about deepening cracks in the world’s largest government bond market.

FT 12 March 2020

US government debt is a safe haven the way Pearl Harbor was a safe haven in 1941.

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