65.3 Did Death come for US Treasuries on February 25th?

———Part 3 Summary———
On February 23rd the US Treasury 2-year auction put in some record-low bids. But then, on February 24th, the snowflake (or feather, or spark… maybe all three at once) came, so that by the 25th perceptions had reversed (melo)dramatically. Had Death come for US Treasuries?

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———Ep 65.3 Topics———

00:05 US Treasury Bills (short-term) and Bonds (long-term) are signaling two separate scenarios
01:56 On February 23rd an auction for a Two-Year Note resulted in some record high demand
04:07 On February 25th US Treasury securities were being heavily sold; a 7-Year auction maimed
07:29 But every auction after that? Right back to ‘normal’, heavy demand.
09:15 On February 24th FedWire was interrupted for a few hours; a symbol of systemic fragility
13:34 Money Dealers have been conditioned for 14 years to run for cover at the meekest ‘Boo!’

———Ep 65.3 References———

Why *Only* That Specific One? https://bit.ly/2Qe8zLF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7