I still see no one talking about how the overnight market froze when typical (and flush) lenders would no longer accept US T paper for 2%. That seems to me to be the biggest part of the story yet the least mentioned. When collateral gets its value challenged by demanding higher rates (more risk) to accept it usually spells trouble for those collateral assets. No one wants to talk about a reluctance of lenders (outside FED) to lend cash ST for those papers. Why did that happen? Why was the FED's hand forced? Nothing happens in a vacuum and nothing happens without someone knowing why.
As stated previously by me "those who talk do not know and those who know do not talk"