Remember the banking crisis back in March that was due partially to people pulling deposits out in the chase for higher yields? Well...

“Everyone knows the flood is coming,”

JPMorgan has estimated that Washington will need to borrow $1.1tn in short-dated Treasury bills by the end of 2023, with $850bn in net bill issuance over the next four months.

A principal concern voiced by analysts was that the sheer volume of new issuance would push up yields on government debt, sucking cash out of bank deposits.