it looks to me like people are worried about bond market liquidity
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Nobody wants to buy debt, potentially sparking a liquidity crisis. The innards of the financial system are getting gunked up. The good news is that, IMHO, once the virus gets dealt with things *should* return to normal quickly...
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However, the impact on small business, the totality and depth of government/financial overlord response, and how long it takes to return to "normal" remains to be seen
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I am in no way qualified to comment, but here's a simplified overview I wrote last week that covers part of the picture. But yeah, this shit is absolutely crazy.https://twitter.com/metadiogenes/status/1238483116878151685?s=19 …
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Guessing that the prospect of massive spending / stimulus suggests that near-future govt bonds will have to promise higher yield; and for the corporates making up 27% of the etf, prospects of downgrades due to slowdown. Also selling to get into cash since yields are low anyway
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Ahhh yeah checks out
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I know enough about finance to know that this would create a panic. And 'animal exuberance' and panic go very badly together. Panic always wreaks a lot of havoc in financial markets. Always.
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I've been seeing similar price discrepancies between S&P 500, futures, and ETFs, but nothing this huge. Most of those have been after-hours, too. Nuts.
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(Also, I'm not in finance.)
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