Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/262060 
Year of Publication: 
2022
Series/Report no.: 
Staff Reports No. 1010
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
As the economic disruptions associated with the COVID-19 pandemic increased in March 2020, there was a global dash-for-cash by investors. This selling pressure occurred across advanced sovereign bond markets and caused a deterioration in market functioning, leading to central bank interventions. We show that these market disruptions occurred disproportionately in the U.S. Treasury market and were due to investors' selling pressures being far more pronounced and broad-based. Furthermore, we assess differences in key drivers of the market disruptions across sovereign bond markets, based on an analysis of the data as well as structured outreach to a range of market participants.
Subjects: 
sovereign bond markets
financial crisis
COVID-19
JEL: 
G01
G12
E44
H63
Document Type: 
Working Paper

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