The biggest riddle to me is the 3-month at 10 basis points. I mean you can still get 2-3 percent in a ultra short term federally insured bank CD.
Only under FDIC limits. Pension funds and foreign CBs are much larger purchasers.
Not that I’m suddenly turning inflationist or anything, but Itulip makes the interesting point that the bond market often gets it wrong for the long term.
Josh
