However, the safety of government bonds does not preclude trading opportunities. Indeed, the U.S. bond markets of the 1980s attracted aggressive traders. The expanding government deficits during the presidency of Ronald Reagan meant that increasing numbers of Treasury bonds had to be issued. Trading volumes increased more than fivefold between 1980 and 1988, to levels in excess of $100 billion a day (Hughes 2004).

Donald MacKenzie, An Engine, Not a Camera, loc. 951