The trading climate in the $22tn US government bond market has become less hospitable, adding to choppy moves in securities that act as a foundation of the global financial system.
Liquidity — the ease with which an investor can buy or sell an asset — has deteriorated in recent weeks, data show. That has added to the pressure on regulators to improve a market long viewed as a haven during times of trouble.
But regulators are far from any solution, according to a progress report released this week by a federal working group charged with assessing the structure of the US Treasury bond market.
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