Treasury Market Fragmentation: A Quiet Risk
Автор: The Global Ledger
Загружено: 2025-12-21
Просмотров: 39
Описание:
The U.S. Treasury market is assumed to be unified, deep, and endlessly liquid.
But beneath the surface, that unity is breaking down.
In this episode, we examine Treasury market fragmentation — what it is, why it’s happening, and why it poses a quiet but serious risk to financial stability.
We explore:
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how identical Treasuries trade with different liquidity premiums
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why dealer balance sheets no longer absorb shocks
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how fragmentation disrupts collateral, hedging, and funding
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and why small dislocations in Treasuries ripple through the entire system
This episode explains why Treasury markets can appear calm while becoming structurally fragile.
Next, in Episode 79, we ask: When Is Liquidity an Illusion?
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