Are Treasuries Safe After the SVB Collapse?

The transcript discusses the influence of Federal Reserve messaging on fixed income markets, highlighting the challenges of interpreting various data points. It questions the safety of treasuries as a safe haven asset, especially in light of SVB's duration risk issues. Paul McCauley provides insights on the stability of asset prices, emphasizing that while treasuries are credit risk-free, their price stability is not guaranteed. The only truly secure asset is an FDIC-insured deposit, with market outcomes depending on inflation and Fed actions.

What challenges do market participants face in gauging the Fed's future actions?

According to Paul McCauley, what is the only thing that is 100% for sure in the market?