Economics
Wall Street’s Treasuries Market Bluff Exposed in Auction Retreat
- Primary dealers’ share slumps to an unprecedented 30%
- Retreat comes amid U.S. investigation of pre-auction trading
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When U.S. officials broached the question of more oversight in Treasuries this year, Wall Street pushed back by pointedly reminding them of the “critical role” it plays in ensuring America’s ability to borrow.
Turns out, the firms might be overstating their influence.