Incredible write up. I don't understand a lot of it, but:

> "Hedge funds have trillions tied up in this kind of strategy,” he said. "As things spiral, they’re being forced to sell anything they can — even good assets — just to stay afloat . . . if the Federal Reserve doesn't step in soon, this could turn into a full-blown crisis. It’s that serious."

> One hedge fund manager said: "Those huge hedge funds with trillions of dollars of Treasuries relative value trades will blow up today if the Fed doesn’t bail them out."

https://archive.ph/ArGLp

Because the t-bill auction came in incredibly strong. Their conclusion analysis wuickly looked foolish and their embarrassed.

https://www.marketwatch.com/story/all-eyes-turn-to-treasurys...