to intermediate bond markets, as in March 2020. Although yield volatility explains most of the variation in Treasury … market liquidity over time, when dealer balance sheet utilization reaches sufficiently high levels, liquidity is much worse … than predicted by yield volatility alone. This is consistent with the existence of occasionally binding constraints on the …

This paper investigates the link between Bitcoin and macroeconomic fundamentals by estimating the impact of … macroeconomic news on Bitcoin using an event study with intraday data. The key result is that, unlike other U.S. asset classes …, Bitcoin is orthogonal to monetary and macroeconomic news. This disconnect is puzzling as unexpected changes in discount rates …