Money Market Update

Infographics: Intraday Repo Market Flows

The Year-End Money Market Storm

A Year-End Update

Infographics: U.S. Repo Market Mechanics

Infographics: The Federal Reserve's Standing Repo Facility In Action

The Fed's Repo Defensive: Part II

The Fed's Repo Defensive: Part I

The Fed's Global Put: Part II: a multitude of catalysts could bring an end to QT

Money Market Update: as the Fed Funds market remains "undead", large demand for repos pushes SOFR higher. meanwhile, the cutting cycle begins, with "too many" cuts priced in. we think two more by 2025

The Fed's Global Put: Part I: the U.S. central bank's global dollar backstop and the end of QT

Money Market Update: as Fed rate cuts loom, secured dollar funding volumes hit all-time highs, while our new money market stress monitor shows little signs of scarce liquidity

The Repo Market Dislocation: Part II: the Fed's major rates benchmark is growing volatile

Money Market Update: repo rates dive as cash from the RRP & federal entities (GSEs) enters private markets. meanwhile, the repo market dislocation prevails with TPR now printing under the Fed's target range!

The Repo Market Dislocation: Part I: key money market rates are about to be altered

Money Market Update: while broader markets grow volatile, dollar funding markets remain calm. funding stress signals, such as wider cross-currency bases, have barely reacted. though, one rate benchmark has gone rogue

The Great Flattening: the global regulatory complex has declared war on rate spikes

Infographics: Tighter Quantitative Tightening: how to assess the market impact of the U.S. Treasury's QRA (quarterly refunding announcement) in dark and light mode

Money Market Update: repo volumes reach new highs as rates move away from the Fed's floor. a Fed "repo put", however, seems far away. meanwhile, a new Fed Funds monitor has been added, with a repo "stress monitor" up next

Infographics: Bank "Window Dressing": how large (mostly non-U.S.) banks game post-crisis regulations

Infographic: The U.S. Treasury Cash Market : a detailed overview of the flows involved in the secondary U.S. treasury market

Infographics: The Mechanics of the Fed's RRP Facility: the mechanics of the Fed's reverse repo (RRP) facility, plus the Fed's repo hierarchy, in dark and light mode

Infographics: The Market For Intraday Megabank Liquidity: how large banks use the federal home loan banks (FHLBs) to satisfy intraday liquidity requirements mandated by the Fed and Basel III

Money Market Update: money markets once again point to calm. SOFR climbs above Fed Funds, but this is down to quarter-end pressures rising (and soon to fall). a FHLB monitor has now been added and more sections to follow

The Central Bank "Pledgening": Wall Street and the Fed are about to grow more interlinked