Esta crisis de liquidez es brutal, brutal, y no hay medida ni tasa. Lo peor está ocurriendo estos días, en que ni siquiera se pueden llevar a cabo los reportos de papel guber en los Estados Unidos. El riesgo de contraparte se percibe tan agudo, que nadie quiere prestarle a los bancos guber para el reporto (por períodos de muy pocos días). Vean la siguiente nota del WSJ, es increíble, ¡los reportadores no están devolviendo los treasuries!!!!:
Meanwhile, there are also disruptions in the world's largest safe haven: the $4.5 trillion market for U.S. Treasury securities. Foreign central banks and financial institutions are hoarding large quantities of Treasury notes, making it difficult for others to obtain these securities in the overnight lending markets.
Investors lend out Treasuries overnight in the so-called repo market, and get the bonds and a small interest payment back the next day. In the past seven weeks, borrowers have been paying the interest but holding on to the bonds, leading to failures on over $1 trillion of loan agreements in that span, according to Federal Reserve data. As a result, Treasury holders are balking at lending, and the market is freezing up.
The high levels of failures in the repo market "pose a risk to Treasury market function," says William Dudley, who heads up the New York Fed's Markets Group. The Fed's markets group last week endorsed a plan to fix the problems with higher penalty rates for failure to deliver the bonds, among other initiatives.
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