Repos zilch, gone. Dollar liquidity swaps on their way out. SPVs flat for five weeks, but composition is changing. Treasuries edged up by smallest amount all year. MBS rose.
Folks started driving again – including those who used to take mass-transit. But jet fuel demand is still in collapse-mode. And overall consumption remains way down.
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past”: Barclays CEO. And companies are following through.