Free Trial
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.
US
The upshot is that so far there has been little sign of funding market / liquidity stresses as a result of the tax intake.
- SOFR for example was up 1bp (to 5.32%) Monday but that's nothing dramatic.
- While secured rates have risen notably across the higher ends of the distribution (see SOFR 75th-99th percentile), that's not unusual around key tax/quarter end dates.
- Wrightson ICAP sees SOFR falling to 5.30% by the end of the week.
- Meanwhile there are no signs of higher Fed funds market activity (volume fell to $83B on Monday from $88B prior).
- Bank reserves as of last week were at around 1-year highs at $3.62T, continuing to benefit from the decline in the ON RRP facility (well below $500B now), remaining at at levels that will give the Fed limited urgency to taper QT as they head into the May 1 FOMC decision.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok