During the March 2020 COVID crisis, the treasury market literally broke when it 'went no bid,' with off-the-run treasuries losing liquidity entirely, forcing the Fed to execute the fastest-ever base money expansion to reliquify the system.
factualpending
Evidence Quote
“That portion of the market broke. It kind of went no bid. Which is not supposed to happen with the deepest most liquid market in the world. [35:15]”
Created: 8/11/2026, 7:28:17 AM
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