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US TSYS/RESEARCH: The JPM team adds Fed Fincl Accts Z1 Report shows secondly,
Money Market Fund demand, which "declined sharply in 1H17, rebounded modestly in
3Q17," "can largely be attributed to dynamics around the size of the T-bill mkt:
the stock of outstanding bills declined $100bn in 1H17, largely owing to
technical factors around the debt ceiling, but have since reversed most of this
- They expect "$456bn in net T-bill issuance in 2018."
- And T-bills will represent the largest addition in money mkt supply in 2018,
and we should see relatively robust demand from MMFs over the coming year," they
- The JPM team said 3rdly, "pension funds and insurance companies have been a
relatively stable source of demand over the last 6 quarters, and these
longer-duration focused investors bought $15bn Treasuries in 3Q17. We think the
growth in the STRIPS market in 2017 is also indicative of this strength in
demand," and "we expect demand from the Liability-Driven investment community to
remain relatively strong in 2018."