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August 16th, 2007 at 5:18 am
Investors Flock to Treasurys, But Not Other Government Paper – http://www.cnbc.com/id/20284544
Investors fled to the safety of Treasury debt Wednesday but shied away from other government paper, such as those issued by Ginnie Mae and Fannie Mae.
A rally in three-month Treasury bills pushed yields sharply lower, suggesting that money markets are getting out of some commercial paper and fleeing to the relative safety of the short-term Treasury market.
The same is true for Fannie Mae paper. The spreads on this paper over Treasuries is now wider than Triple-b or investment-grade corporates.
No one thing explains such dislocations, except that there is a flight to liquidity and a lot of things that used to make sense, don’t make sense anymore.