Fed's Logan (2026 voter) has taken note of growth in Treasury cash-futures basis trade and does have vulnerabilities if there's stress, potential to de-lever rapidly

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Fed's Logan's remarks suggest a growing awareness of vulnerabilities in the Treasury cash-futures basis trade, which could lead to rapid de-leveraging in times of stress. This commentary is likely to be interpreted as a cautious stance on financial stability, possibly influencing expectations for future Fed actions. Keep an eye on how this shapes market sentiment, particularly in fixed income and FX, as it may tighten liquidity conditions.