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US TSYS/OVERNIGHT REPO: SOFR Continued To Soften Monday

US TSYS/OVERNIGHT REPO

Secured rates softened for a second consecutive session Monday, with SOFR dipping by 1bp again to 4.33%, matching the lowest levels of the month. 

  • Rates could soften a little further today with cash returning to market due to bill redemptions which should help the downward drift in rates.
  • Meanwhile, effective Fed Funds rates were once again unchanged.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.33%, -0.01%, $2505B
* Broad General Collateral Rate (BGCR): 4.32%, -0.01%, $960B
* Tri-Party General Collateral Rate (TGCR): 4.32%, -0.01%, $931B

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Secured rates softened for a second consecutive session Monday, with SOFR dipping by 1bp again to 4.33%, matching the lowest levels of the month. 

  • Rates could soften a little further today with cash returning to market due to bill redemptions which should help the downward drift in rates.
  • Meanwhile, effective Fed Funds rates were once again unchanged.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.33%, -0.01%, $2505B
* Broad General Collateral Rate (BGCR): 4.32%, -0.01%, $960B
* Tri-Party General Collateral Rate (TGCR): 4.32%, -0.01%, $931B

Keep reading...Show less