Goodbye treasury liquidity

With one or more primary brokers down, some nasty things will happen to liquidity. That isn't really what the FED expected, is it?
 
Quote from GEBAKK:

With one or more primary brokers down, some nasty things will happen to liquidity. That isn't really what the FED expected, is it?

You don't get it.
The "liquidity" hasn't realistically been there for awhile now.
 
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