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Late Cycle Bond Trades | Mark Cabana on Mild Recession Case and Treasury Market Supply
Forward Guidance
The Fed's Overnight Reverse Repo Facility Has Dropped 500 Billion Dollars
The feds overnight reverse repo facility has dropped gosh almost 500 billion or so just in the last almost five or six weeks. The catalyst for that facility to really drop didn't have anything to do with banking system stress, but it had almost everything to do with the debt limit. Money funds feel like they can extend out the front end of the yield curve. They can buy some of this cheap money market supply and they can reduce the amount of cash that they've been parking at their overnight RRP facility.
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