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US DOLLAR LIBOR: Citing an expected decline in bill supply and "debt limit
dynamics", BoAML analysts posit 3M LIBOR/OIS should extend recent narrows to as
tight as 10bp over the next "coming months". BoAML estimates bill supply will
decline by $150 to $250B by June/July, in concert with "relatively stable excess
reserve levels with a declining Treasury cash balance and slower Fed's B/S
unwind. These factors will put downward pressure on fed funds as well but we
expect 3mL will fall faster vs OIS." BoAML adds "Reserves should also stabilize
over the summer and limit unsecured funding pressures."