The Federal Reserve's unparalleled steps to directly backstop the U.S. econ...
NEW YORK - The Federal Reserve’s unparalleled steps to directly backstop the U.S. economy and its willingness to purchase vast sums of U.S. government debt, mortgage-backed securities and even corporate bonds could help boost depleted liquidity in the $17-trillion Treasury market.
Liquidity in Treasuries has thinned in recent weeks, leading to sharp price movements. The Fed began stepping in with a rate cut in early March, followed by increasingly drastic measures to bolster market conditions. “This creates a buyer of last resort for a lot of the securities and takes a lot of pressure off dealers’ balance sheets, which already have been full,” said Gennadiy Goldberg, senior rates strategist, at TD Securities in New York.
“Liquidity will improve together with everything else,” said Patrick Leary, chief market strategist, at broker-dealer Incapital. This segment of the Treasury market has been problematic the last couple of weeks because liquidity dried up there on fears of the pandemic escalating. He cited a market indicator of liquidity that measures the yield changes in Treasuries, compared with the yield changes in derivatives. That gauge on Monday suggested some liquidity is opening up, Vogel said.
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