Treasury Bid/Ask Spreads Blow Out Amid Funding Crisis: "We Are Starting To Look A Bit Like March 2020", Goldman Warns

In the conclusion to our article describing the ongoing - and deteriorating - basis trade crisis, which was soaked up virtually all liquidity across US capital markets, we said that "now we wait to see what the Fed will do because the next 48 hours may well be the most important in the recent history of the US."