"People Are Increasingly Anticipating Something" - The Market Is About To Be Shocked With A "Treasury Buyback" Operation Twist

Three weeks ago, when the topic of collapsing Treasury liquidity was only barely making the rounds, despite relentless coverage on this website which flagged lack of TSY liquidity as the most likely driver of a wholesale market crash, we quoted BofA's iconic rates strategist Mark Cabana who warned that the ongoing liquidity collapse meant a "Treasury Market Breakdown Was At Risk."

And while the mainstream was still barely waking to the risks of a collapse in TSY market liquidity, Cabana already had a plan for what should happen next: