PROTIP: copy-paste the title into Google to get past the paywall. It's worth it.
The discouraging thing to me is that when this first popped up, all the amateurs panicked and all the professionals made fun of them because obviously it's something way more complicated and inside baseball than treasury bills being an unattractive investment. After all, just because they had been pissing on t-bills as an investment for a decade didn't mean that banks thought the same thing! I even saw someone on Twitter saying he heard from someone who heard that it was a typo in a Fed white paper that led to a policy decision. Fat fingers, everyone!
And now here we are, with the FT going "yup, nobody wants to lend money at nothing percent who knew."