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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
- RRP usage increased $41B to $914B today, off the tight range of $866-873B seen since Friday for lows since Jul 2021.
- The number of counterparties was unchanged at 91, its lowest since mid Nov 2022.
- TD Securities before today's data: “The rapid decline in RRP usage has likely been fueled by expectations that the Fed is finished hiking rates and the sharp increase in bill issuance, which has led money funds to extend their WAMs. We expect RRP usage to fall to around zero by the end of 2024, allowing reserves to remain ample for the time being. If RRP facility usage continues to decline rapidly and the Fed does not cut rates, we estimate that QT could theoretically proceed until early 2025 before reserves reach levels consistent with scarcity.”
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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