Here's an thread explaining what the Fed did, and why it did it. The Fed said it was throwing trillions into the repo funding market and tweaking its asset purchases to deal with 'highly unusual disruptions' in Treasurys. This goes into why (1/n) The Treasuries market is an iceberg. On-the-run Treasuries are the visible part of the market, they're the ones most recently issued by the government. They're traded by algorithms and its incredibly easy to dip and out of them. (1/n)