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USDMXN Remains Above March 2021 Highs


JAPAN FIX - 29/11/21


UK FIX - 29/11/21


US FIX - 29/11/21

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Potential drivers for latest drop in Secured Overnight Financing Rate (SOFR). No direct answer, sources suggest GSE inflows with spike in secondary volumes this week (+123% Monday according to FINRA/Bbg), coupled with a glut of cash already sloshing around US financial system has SOFR rate falling to 0.03% from 0.05% where it's held steady since June 17.
  • Prior to that, SOFR held all-time low of 0.01% from March 11 to June 16 (period when US Treasury, responding to the passage of the $1.9T Covid relief package by increasing 13W and 26W bill auctions by $3B each, the 42D CMB by $5B).

NY Federal Reserve/MNI