March Madness: How The Treasury Market Blew Up

Over the past several weeks, central banks globally have been keen to emphasize the extent to which many of the emergency actions taken are necessary to ensure the smooth functioning of their respective government bond markets. In mid-March, the US Treasury market effectively "broke", leading to all manner of RV blowups and various dislocations, discussed here at length on too many occasions to count. Treasury market liquidity was severely impaired, and the situation was exacerbated by a fire