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*** Bank of America economists tying the.......>

STIR
STIR: *** Bank of America economists tying the recent rise in the fed funds
effective rate (EFFR) to 2.44% to money-market fund (MMF) "outflows around the
April tax date and elevated GC repo rates" which has spurred "increased
speculation of another technical IOER adjustment," BoA said. "MMF outflows have
more than offset the $86bn in bill supply cuts since the start of April and have
likely been the dominant driver contributing to elevated GC repo rates." Keep an
eye on if the funds rate climbs to 2.45% or above -- that would likely spur an
IOER cut BoA said. However, they expect FF "pressure will abate & delay need for
adjustment."
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