Darrell Duffie on The Covid Crisis Was a Wake-Up Call: Redesigning the U.S. Treasury Market

[@klam77]

Also to be noted: the Treasury spike produced a crash in Stocks. The stock market could NOT take curve "steepening" of 1.5% from three monthe to ten year tenor. That doesn't speak well for stock market that melts down with a upward sloping 150bps spread on the yield curve