20-year Treasury bond shortage exposed by surging failed trades, NY Fed data show (US20Y:null)

Treasury bonds is shown on the conceptual business photo

Andrii Dodonov/iStock via Getty Images

A spike in failed trades points to yet another bout of scarcity in the 20-year Treasury bond (US20Y), as demand for the tenor in the repo market continued to far outpace supply.

For context, the repo (repurchase agreement) market involves financial institutions borrowing

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