US Credit Default Swap (CDS) Curve Inverts

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Ok, this may sound a little esoteric, but bear with me.


What this chart means is that until the deal was passed, it cost more to buy insurance against 1 year US Treasuries defaulting than to buy insurance against 5 year treasuries defaulting. This shows just how close traders believed the US was to defaulting on its short term debt because of the debt crises.

Pretty damn interesting to me, though I think it is ridiculous that anyone would think the US would actually let the Treasury default on any bond.

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