Repo rates made an almost perfect recapitulation, with MBS GC jumping to 28 bps and UST at 24.1 bps. Those July 15 fixes compare to MBS of 27.1 bps on April 15 and UST at 25.6 bps. The remarkable recurrence is all the more remarkable with figures now for the 15th. This might be as close to being able to observe a benign, systemic bottleneck as possible.

ABOOK July 2015 Repo GC July 15ABOOK July 2015 Repo GC July 15 2

The escalation in stages is so perfectly clear only the Treasury Dept and Federal Reserve Board could miss it:

ABOOK July 2015 Repo GC July 15 3