Trial now

(N1) Watching The 20-Day EMA


Few question on BTP being under pressure


Some short covering going through


Gilt curve and the Pound


First Hike on June 23 Is Now Very Likely

WASHINGTON (MNI) - The following is an excerpt from the Federal Open 
Market Committee minutes of the April 30 - May 1 meeting, published 
     The deputy manager also discussed a staff proposal in which the 
Board would implement a 5 basis point technical adjustment to the 
Interest on Required Reserves (IORR) and IOER rates. The proposed action 
would bring these rates to 15 basis points below the top of the target 
range for the federal funds rate and 10 basis points above the bottom of 
the range and the overnight reverse repurchase agreement (ON RRP) offer 
rate. As with the previous technical adjustments in June and December 
2018, the proposed adjustment was intended to foster trading in the 
federal funds market well within the target range established by the 
     A technical adjustment would reduce the spread between the IOER 
rate and the ON RRP offering rate to 10 basis points, the smallest since 
the introduction of the ON RRP facility. The staff judged that the 
narrower spread did not pose a significant risk of increased take-up at 
the ON RRP facility because repo rates had been trading well above the 
ON RRP offer rate for some time. However, if it became appropriate in 
the future to further lower the IOER rate, the staff noted that the 
Committee might wish to first consider where to set the ON RRP offer 
rate relative to the target range for the federal funds rate to mitigate 
this risk. 
     ** MNI Washington Bureau: (202)371-2121 ** 
[TOPICS: MMUFE$,M$U$$$,MT$$$$]