The Pinch Starts Early.

The article focuses on the issues concerning the "bill rate," which is recognized as an index of short-term money's tightness. It states that a squeeze in the money market is determined by considering the interest rates paid by the U.S. Treasury. It says that the Treasury's bill rate reached its highest level since the banking panic in 1933 started. Moreover, it adds that banks receive reserves by obtaining reserves from the Federal Reserve and trading government securities at the money market.