looks at the way the the move away from risk has affected liquidity in markets like the US treasuries and European bonds.
"Indeed, even in the US Treasury market, the spread between buy and sell prices for securities issued by the Treasury before the current quarter has become a lot wider than normal. “Traders and banks are in risk-reduction mode,” said Tom di Galoma, head of Treasury trading at Jefferies."
There is a higher price to pay and a wider spread.
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