Back in the summer of 2013, the Treasury Borrowing Advisory Group made a very explicit plea to the Treasury (and the Fed): please help us, liquidity in bond markets is plunging; the plea was so loud the Fed - whose monetization of Treasurys remains the primary culprit for the collapse in fixed income liquidity - promptly announced it would first taper, and then completely halt QE (at least until such time as Congress provided a generous surge in monetizable debt). It took the peanut gallery a few years to pronounce that "everyone is worried about bond market liquidity", even though this had been clear for years to ... (full story)