45.1 Why Are US Treasury Bills in Such High Demand?
There is a mainstream explanation for why US Treasury Bill rates are falling. There is also a Eurodollar / Shadow Money / Collateral System explanation. Jeff Snider reviews the two perspectives and looks ahead to where trouble may lay.

———WHO———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Art: https://davidparkins.com/

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, piling the bologna high and deep. Artwork by David Parkins.

———WHERE———

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———WHEN———

00:05 The Fed – is it a conspiracy or incompetency? Let us turn to US Treasury Bills for answers
03:07 QE5 (the ‘Not QE’ QE) set the groundwork for a severe shortage of collateral (March 2020)
06:49 QE5 may have been a mistake but since then the Fed has acquitted itself, so thinks the Fed
10:07 What does the US Treasury General Account at the Federal Reserve have to do with anything?
15:25 Jeff Snider is not claiming there is an imminent monetary disaster being signaled by Bills
17:00 What is the mainstream media explanation for falling yields in US Treasury Bills?
21:21 Why does the US have a legislative debt ceiling when it is ignored every time?
23:23 Potential Rating Agency downgrades of financial institutions may be influencing US Bills
28:07 Just because the calendar page has been turned on 2020 does not mean 2020 has ended
31:05 What do previous, recent reductions to the US Treasury General Account tell us about 2021?

———WHAT———

Let’s Talk Bills (again): https://bit.ly/3q6tJs9
Hey Bill, *What* Is It?: https://bit.ly/3rs3Ov3
Hey Bill, *Why* Now?: https://bit.ly/2MGohxx
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7