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It doesn't change the point, but:

"trades are basically meaningless at the scale of FX ($6.6tr traded daily), treasurys ($0.5tr)"

My immediate reaction was wow, I didn't realise the fx market was so much bigger than the rates market, but thinking about this a bit more treasuries are only a fraction of the total rates market and the $6.6tr of fx traded is only ~$2tr of spot fx. Some back-of-the-envelope calculations suggest that in risk-adjusted terms the FX, rates and equity markets are actually all pretty similar in terms of activity.

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