See also
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When the panic of March 2020 hit, did corporate debt fare better than Treasuries?
In normal times the Federal Reserve Bank of New York publishes a monthly breakdown of its purchases of US treasury securities, showing the quantity of every single bill and bond bought. And in normal times, the spreadsheets it produces would hardly be riveting.
But March 2020 was very far from normal, and the Fed’s spreadsheets began to look decidedly odd.
The world’s financial markets, taking their lead from the US, were wilting. As economies began to shutter and all manner of participants scrambled to liquidate anything that could generate dollars, the most liquid part of the market – US treasury bonds – was beginning to buckle.
