REPO RATES WENT NEGATIVE LAST NIGHT, SO THE LIKELIHOOD OF BONDS BECOMING WORTHLESS. RIGHT NOW THERE'S A GROWING SHORTAGE OF TREASURY SECURITIES IN THE REPO MARKET AND AN EXCESS OF CASH (DUE TO THE QE). THIS DOES SEEM TO IMPLY THAT JPM AND GS ARE SHORT WHALES IN THE BOND MARKET RIGHT NOW, BUT OUR LONG WHALE IS JPOW; SURE GRANDMA LETS GET YOU TO BED
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