Why didn't record Treasury supply trigger a crisis?

Markets price on marginal supply-demand balance, not absolute volume. Treasury's structural shift to more Bills and fewer Coupons, combined with strong MMF demand and Fed MBS reinvestment, absorbed new issuance smoothly.

What is Swarm multi-agent architecture?

Swarm is an agent collaboration pattern where agents dynamically hand off control based on market events. It's better suited for real-time market analysis than traditional pipeline architectures.

What are the biggest risks in the Treasury market?

Three medium-term risks: ON RRP may deplete in Q2-Q3 2026, term premium above 100bps could trigger repricing, and accelerated selling by Japan and China could create demand gaps.

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2026-03-29

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Quinn Liu

Fixed Income Portfolio Manager focused on rates, credit, and FX markets. Building AI-native research infrastructure — from CFETS quoting engines to multi-agent macro systems.

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