In the vaulted conference rooms of Threadneedle Street and the glass towers of Frankfurt, a subtle anxiety has overtaken monetary debate. The question is no longer merely where terminal interest rates should rest, but whether the primary dealer network can absorb historic volumes of sovereign debt.
The Liquidity Mirage: Central Banks Navigate the Fractured Architecture of Sovereign Debt
As global public borrowing tests peacetime thresholds, primary dealer absorption capacity and collateral velocity signal an evolving regime in sovereign financial stability.
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