See Dunhong Jin, Marcin Kacperczyk, Bige Kahraman, and Felix Suntheim (2019), “Swing Pricing and Fragility in Open-Ended Mutual Funds,” IMF Working Paper 19/227 (Washington: International Monetary Fund, November), https://www.imf.org/en/Publications/WP/Issues/2019/11/01/Swing-Pricing-and-Fragility-in-Open-endMutual-Funds-48729. 5  -5Treasury Market Functioning The COVID shock also revealed vulnerabilities in the market for U.S. Treasury securities.
The U.S. Treasury market is one of the most important and liquid securities markets in the world, and many companies and investors treat Treasury securities as risk-free assets and expect to be able to sell them quickly to raise money to meet any need for liquidity.