The US Treasury’s great market makeover
Changes to regulation will need to take account of evolving market structure
Chaos in the US Treasuries market in March 2020 was at least in part excusable, as the whole economy dashed for cash in expectation of a lockdown to combat the spread of Covid-19. But primary auction stumbles in February and March 2021 were less easy to explain away.
They have prompted the US Treasury to summon federal regulatory agencies together for a comprehensive review process to search for and alleviate any structural weaknesses in the Treasuries market and safeguard liquidity in what is
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