Traders expect Fed overnight rate to max out at about 3.3 percent during this expansion, lower than Fed's own estimate of 4 percent.

Cash glut overpowers Feds hints about rising rates.

Cash glut overpowers Feds hints about rising rates.

Bid-to-cover ratio for latest floater auction was 4.67, more than 50 percent higher than bid-to-cover on recent auctions of fixed-rate debt.

Bid-to-cover ratio for latest floater auction was 4.67, more than 50 percent higher than bid-to-cover on recent auctions of fixed-rate debt.

After Fed sounds alarm about risk of future asset fire sales like those at Lehman Brothers and Bear Stearns, industry groups hatch plans to guarantee most-liquid collateral used for repos.

After Fed sounds alarm about risk of future asset fire sales like those at Lehman Brothers and Bear Stearns, industry groups hatch plans to guarantee most-liquid collateral used for repos.

Volatility reaches pre-tapering levels as the Fed chair reassures investors interest rates won't increase immediately.