In July, the TIC data indicated that foreign central banks migrated in mass toward the Treasury market.
Today everyone did.
The 3 month Treasury bill now yields nothing. The Treasury though will give you your money back ...
The fall in Treasury yields came even as the US government indicated that it was going to issue a lot of bills and bonds to help the Fed grow its balance sheet.
I guess this is what a close to systemic financial crisis in the US looks like.
The broker-dealers were performing many of the economic functions of banks: The expansion of their balance sheets financed a lot of credit expansion in the US over the past few years. They no longer can access the debt market. That is a problem.