World War C: Illiquidity is CRUSHING Corporate Debt Markets
Cumulatively the markets are at or near record highs in illiquidity. What makes this collapse so devastating is the breadth of illiquidity across most sectors of the market. The Volcker rules that were passed in 2009 to protect banks had unintended consequences. Banks stopped making markets in…
The Treasury Market Broke Last Week
The $18 trillion US Treasury market broke last week! As of today, no one knows for sure all of the reasons for its collapse, but everyone agrees it is a severe problem. One of the main culprits seems to be caused by the pricing of…