But then, gathering force from Monday, March 9, something more alarming began to happen. The run for safety turned into a panic-stricken dash for cash.4 Investors sold everything—not just shares, but Treasuries too. That was very bad news for the economy, because it sent interest rates up—the opposite of what business needed. Even more disturbing than the perverse movement of bond prices and yields was the fact that the biggest financial market in the world was, in the words of one market participant, “just not functioning.”5 The trillion-dollar Treasury market, which is the foundation of all
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