Pressure in Repo Market Spreads

Interest on Treasury bills out to three months is about 0% already, according to data from Tradeweb Markets LLC. On Tuesday, the bills set to mature out to April 16 briefly touched intraday lows below zero. In the Oct. 15 Treasury-market “flash crash,” the yield on the 10-year Treasury note tumbled to its biggest one-day decline since 2009. ................
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