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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FED
- Instead of seeing a pick-up due to post-holiday market frictions, RRP uptake dropped a further $38B to $2.031T, down $82B on the week to the lowest since Jun 3 prior to the FOMC ramping up its hiking pace.
- It has firmly passed the previous recent low of 2.087T (Nov 15) that was seen partly down to mid-quarter Tsy settlements and cash market repositioning after the US CPI release earlier sparked a significant Tsy rally that made repo rates relatively more attractive.
- Long term trends see usage materially lower, with GS forecasting RRP usage to fall by $750B by end-2023 and MS estimating RRP balances of around $1.2T by end-2023.
- There were 90 participants, the lowest mid-May.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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