Not that many years ago there were 38 Primary Dealers, that is firms designated to bid directly in Treasury debt auctions. But a lot has happened in the past few years.
Evaporating liquidity
![SP-500-technicals](https://emadzikry.com/wp-content/uploads/2023/09/SP-500-technicals.png)
Not that many years ago there were 38 Primary Dealers, that is firms designated to bid directly in Treasury debt auctions. But a lot has happened in the past few years.