When Janet Yellen told former Alphavillain Colby Smith that she didn’t see signs of Treasury market “dysfunction” despite the sell-off, it prompted a glut of considered responses from some of the internet’s bond savants.

The reality is that the Treasury rout — although chunky — DOES seem to have been remarkably orderly? Whispers of some hedge fund getting whacked usually come thick and fast at times like this, and the lack of such rumours since the summer have been noticeable (and a little disappointing).

There could of course still be some bodies that float to the surface, but the New York Federal Reserve’s Michael Fleming has now done some more data grunt work to show that the Treasury market’s liquidity has indeed been?.?.?. fine, with some caveats.