That's the sound of collateral haircuts being reconsidered around the world. Maybe dealers bought into the reflation narrative too heavily and are re-evaluating their risk positions, continuing the reversal of the trend that started around Archegos?
*Global Private Banks Stop Accepting #Fantasia Bonds as Collateral finance.yahoo.com/news/globa…
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Analogy here is Italian govt. bonds during May 2018 that set into motion a self-reinforcing risk-off spiral.
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Replying to @Maroon_Macro

10:59 AM · Sep 8, 2021

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