C&B Notes

Visualizing the Unprecedented Treasury Rate Environment

In his recently released annual letter, Jamie Dimon of JP Morgan Chase opined on how the lower depth of inventory in the Treasury market could create liquidity problems in a panic.  While still only a theoretical concern, it is a noteworthy potential by-product of the manipulation happening in the Treasury market by the Federal Reserve and other central banks.  This series of charts by The New York Times helps illustrates the unprecedented environment.

Yield Curve 4.10