As Fed caps reverse repos, rates drop further for high-quality short-term investments.

As Fed caps reverse repos, rates drop further for high-quality short-term investments.

Tax payments reduce supply of short-term Treasury debt.

Stalling of Eurozone economies and ECB consideration of quantitative easing program are increasing leverage European markets have over bond investors.

Stalling of Eurozone economies and ECB consideration of quantitative easing program are increasing leverage European markets have over bond investors.

Bank of America predicts $500 billion will leave money funds for short-term Treasuries within two years, in light of floating NAV requirement.

Bank of America predicts $500 billion will leave money funds for short-term Treasuries within two years, in light of floating NAV requirement.

Traditional models fail to explain the resilience of $100 trillion market as central banks suppress short-term interest rates.