Recent disruptions and illiquidity in the UST market reflects an initial rapid shift in fundamentals as long-term growth expectations fell. Discrepancies between on and off-the-run treasuries also increased sharply as did volatility. RV funds / dealers trading futures basis was levered and large. Mark-to-market losses usually not realised started to mount causing a vicious circle. Also, operationally complex and became difficult when WFH.
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