The Tell: U.S. Treasurys market is ‘not well’ as ‘signs of illiquidity abound,’ B. of A. rates strategists say


Signs of trouble are cropping up in the world’s largest, most liquid government-securities market, B. of A. rates strategists say. Large moves on very low volumes of Treasury inflation-protected securities, or TIPS, breakevens, a gauge of U.S. inflation expectations, are among the indications that the rates market is unsettled, the strategists say. “Collapsed” depth in the contract order book for 2-year Treasury futures and a 30-year auction last week, which Jefferies analysts described as “disastrous,” also are being cited as evidence of emerging problems. “While each of these in isolation might be easy to ignore, when…

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