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The key problem haunting the Fed: can adjustment occur without another 2020-style freeze?

The US government bond market used to be considered to be the world’s most liquid and deep asset class, in March 2020 that cosy assumption was smashed apart.

Fed intervention prevented a complete crash. But it forced the Fed to step in with what John Williams, NY Fed president, has called “staggering” amounts of liquidity support, reaching almost $1tn each day.

Gillian Tett FT 18 November 2021


Bill Gross  says stimulus and low interest rates have created ‘dangerous’ situation


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

Niall Ferguson FT February 10 2010

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