If everyone is dodging responsibility for March’s Treasury market volatility, then what caused it?

This has turned into a game of hot potato. Last March’s market volatility in US Treasuries was well documented with a series of actors blamed for possible causes, from hedge funds in the basis trade to money funds with large withdrawals in prime funds that caused sell-offs. The typical responses have been to point fingers and call for more regulation, not least of which from the Financial Stability Board this week. But these cause-and-response scenarios will not solve the volatility problem – there is more to see here.
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