Fed tapping Tradeweb and MarketAxess as counterparties for its bond buying programs:pic.twitter.com/opzQL5Va76
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In liquid markets, Fed intervention means lower volumes as volatility fades. In illiquid markets (like corporate bonds), Fed intervention means stronger volumes as liquidity is injected into a system that welcomes it.
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Where would you place the TBA - Mortgage Market ?
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I find this chart helpful for reference - I would put mortgages in the "somewhat electronic" category below, making Fed intervention net helpful for now. Would welcome your thoughts on this however.pic.twitter.com/ChkpC4dK6q
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