[mardifoufs]

It is for retail investors, but Treasuries are the real "King" when there's a liquidity crunch. Bonds are basically as liquid as it gets, and safer than than cash. That's why yields go down in situations like we see right now.

Not that I think that a liquidity crunch is happening right now anyways since liquidity is readily available if we judge by the Fed rates and how commited towards supporting the repo markets they seem to be. And even just the psychological effect of that strong Fed support make everyone feel safer about their liquidity levels, which makes a run for cash even less likely! Liquidity is probably the biggest self-fulfilling prophecy in Finance.