So much can be called insane right now. This is - by far - the most.

I had to double check and make sure it wasn't a typo. Demand for bills is now literally (OK, figuratively) insane. But why? Supply issues are back and that's part of it, but more than anything it is how the multi-trillion collateral system really works - or in this case doesn't. Multipliers, reuse rates, and the rabbit hole of securities lending.