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US TSYS/OVERNIGHT REPO: Secured Funding Rates Pull Back, FOMC Awaited

US TSYS/OVERNIGHT REPO
USBulletMarketsFixed Income BulletsNorth America

Secured rates came off monthly highs Tuesday as expected, with SOFR pulling back 3bp to 4.62% and BGCR and TGCR dipping 2bp as well. Large net bill redemptions ($26B) Tuesday helped rates come off higher levels earlier in the week that had been spurred by tax payments and Treasury settlements.

  • There was no change in effective Fed funds, as usual. The expected 25bp cut to the Fed funds rate Wednesday will only be implemented on Thursday. There's also expected to be a 5bp downward adjustment to ON RRP (to 4.25%), which is likely to pull down SOFR but have a much more modest impact  on EFFR.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.62%, -0.03%, $2341B
* Broad General Collateral Rate (BGCR): 4.59%, -0.02%, $856B
* Tri-Party General Collateral Rate (TGCR): 4.59%, -0.02%, $830B

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Secured rates came off monthly highs Tuesday as expected, with SOFR pulling back 3bp to 4.62% and BGCR and TGCR dipping 2bp as well. Large net bill redemptions ($26B) Tuesday helped rates come off higher levels earlier in the week that had been spurred by tax payments and Treasury settlements.

  • There was no change in effective Fed funds, as usual. The expected 25bp cut to the Fed funds rate Wednesday will only be implemented on Thursday. There's also expected to be a 5bp downward adjustment to ON RRP (to 4.25%), which is likely to pull down SOFR but have a much more modest impact  on EFFR.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.62%, -0.03%, $2341B
* Broad General Collateral Rate (BGCR): 4.59%, -0.02%, $856B
* Tri-Party General Collateral Rate (TGCR): 4.59%, -0.02%, $830B

Keep reading...Show less