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Summary points from an interview with Dr. Manmohan Singh (Senior Financial Economist at the IMF)

This last week of February was probably the most eventful week in the Fixed-income space after March, 2020.

February 2020 saw a lot of 0 interest rate trades going in. Now, in May 2020, we are seeing a lot of NIRP action.

The dealers bought to point of the their balance sheets, but there came a point when they couldn't any more.

EFF is down. But LIBOR is up. The difference between Fed Funds and Eurodollar has once again showed itself up, like it did in the 2008...

Normal day in March. Fire reaches FX, long end of the FI curve broke, S&P averted a second limit down, munis down 15%, risk parity blows up.

Discount rate also cut by 1.5% to 0.25%. QE at 700bn$. Repo at 500bn$ treasuries and 200bn$ MBS ($30bn free O/N repo for ever primary...