GENERAL DISCUSSION

摘要

Matthew Shapiro agreed that market segmentation likely accounted for the spike in the TIPS yield in November. He suggested that hedge funds and other institutions were desperate for liquidity at that time. TIPS were among the few assets that were holding their value reasonably well, and so they were among the assets that got dumped on the market, thus revealing substantial segmentation between the market for indexed and that for nonindexed Treasury securities.