Plumbing Notes: Nothing Ever Happens • the softening of $ funding rates continues
01.03.2026 22:52
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Plumbing Notes: Nothing Ever Happens • the softening of $ funding rates continues
Infographics: Treasury Buybacks • an overview of the flows & steps involved in Treasury buybacks
The Fed's New Target: Part II • within the secured rate complex lies a new target rate
Infographics: Key Rates & Spreads In the Modern Repo Market • an overview of repo rates and average spreads earned by dealers
Plumbing Notes: A Global Compression • Fed ops have prompted a global dampening in $ funding markets
Plumbing Notes: Repo 101 • a concise primer on repo market lingo & mechanics
Infographics: The Modern Repo Market • an overview of modern repo market mechanics and flows (circa '26)
The Fed's New Target: Part I • rising interbank tensions will prompt the next rate evolution
Infographics: The Fed's Repo Rate "Sweet Spot" • how the Fed will force its repo rate benchmarks to print within its desired sweet spot, i.e. just below IORB, despite opposing forces
Infographics: How Liquidity Requirements Create Demand For Reserves/U.S. Treasuries • an overview of large banks' intraday liquidity requirements
Plumbing Notes: The Great Compression • the Fed declares war on money market volatility
Plumbing Notes: A Faulty Relief Valve • why the Fed's SLR rework won't be the major booster of UST demand
Plumbing Notes: Swifter Injections • the Fed is priced to pull the trigger sooner rather than later
Plumbing Notes: The Repo Fortification • the Fed's attempt to strengthen its fragile "upper jaw"
Plumbing Notes: The Post-QT Era • the Fed's balance sheet "winter" is coming to an end
Plumbing Notes: The Basis Trade Scare • the latest on the most systemically important bond market trade
Plumbing Notes: It's Not QE • the mechanics behind the Fed's coming balance sheet "bazooka"
Plumbing Notes: The QT Enigma • enough funding alarm bells have chimed, with the Fed set to announce or initiate its next plumbing put. the enigma, however, is deciding when to unleash its next "bazooka" — sometime before year-end
Infographics: The Fed Funds "Liquidity Booster" • how smaller banks can game their regulatory ratios (LCRs) by tapping the fed funds market
Infographics: The Fed's Target Rate Evolution • an overview of the flows/trades that fuel the Fed's current (& future) target rate
Infographics: The Fed Funds Arbitrage Complex • an overview of the plumbing & flows involved in interbank (o/n FF) arbitrage trades
The Fed's Reckoning: Part II • money market interlinkages and the coming central bank put
Plumbing Notes: QT For (a Little) Longer • mid-month pressures have arisen but will soon clear. nevertheless, higher money market rates will prevail, increasing odds of central bank action. this could come as late as Q1 next year, however
The Fed's Reckoning: Part I • a plumbing "soft (or hard) landing" awaits monetary leaders
Infographics: The Fed's Repo Hierarchy • an overview of the hierarchy at which certain types of entities transact in repo markets
The Shadow Cash Market: Part II • the "bond-like" market and understated liquidity
Infographics: Shadow Cash Trades & Flows • "bond-like" trades and flows mapped out
The Great Rebalancing • the war on long-end Treasury issuance is just beginning
