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Bomb Crater 2/23/21

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The settled funds from today's $55 billion in Treasury bill paydowns are being put to work. But it's not going where it needs to go. Stocks are recovering. Longer term Treasuries are not.

Recipients of the cash are either keeping it in cash, or deploying some at the margin on blue chip stocks. The Dow is back to even. Nasdaq is lagging badly.

This is money that isn't seeking risk assets. Holders just want a safe parking space, but are willing to rotate some into blue chips in the hope of participating in "recovery."


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