The 1-month is trading at a 1.35% discount to the Fed Funds rate.
Every time I look at this group of numbers and see things so way out of historic relation, it reminds me how much the financial market is so way out of historic relation with the normal, the abnormal, and even the paranormal.
In fact, you could argue these numbers are the most whack we've ever seen. The whole Treasury market is trading like the world is going to end for 3-years, and then it will slowly come back again.
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