Note: This is a resend of the original, send April 19. Please disregard if you already received this message.
The seasonal T-bill paydown tsunami has arrived.Th Since March 24, $220.8 billion in T-bill paydowns has flooded the market with cash, temporarily overwhelming every bearish structural force. We have been on the alert for this. It happens every year. The magnitude of the rally is unusual. The mechanism is not.
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