The Treasury Market in Spring 2020 and the Response of the Federal Reserve

I thank Carol Bertaut, Darrell Duffie, Michael Johannes, Jay Kahn, Anil Kashyap, Andrew Metrick, Hyun Shin, Kairong Xiao and seminar and conference participants at NBER Monetary Economics, Society for Financial Econometrics, Columbia University, London School of Economics, University of California Berkeley, University of Toronto, University of Bonn, Tinbergen Institute, Bocconi, Vanguard, ECB, Board of Governors of the Federal Reserve, Federal Reserve Bank of San Francisco, Bank for International Settlements, Bank of Canada, Bank of England, and the Riksbank for helpful comments. All errors are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.