In March 2020 "The reduction in high-speed market-making activity appears to have contributed to the spread of pandemic-related stresses to even the most liquid segments

"evidence that large-scale deleveraging of hedge fund Treasury positions was the primary driver of the turmoil In March 2020 remains weak.” Result of the Fed’s

Whereas the US mortgage market since 2008 is dominated by prime rated borrowers, credit card debt is 50/50 prime v. near prime/subprime. federalreserve.gov/publications/f… https://t.co/mpeOA0XWPv