The US Treasury’s great market makeover

Changes to regulation will need to take account of evolving market structure

Treasuries problem
Illo: Mark Long/NB Illustration

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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