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Late Cycle Bond Trades | Mark Cabana on Mild Recession Case and Treasury Market Supply
Forward Guidance
The Fed's Bank Terms Funding Program and the Money Market Fund
The bank term funding program had two key tenants in terms of the amount of funding and the cost of funds that were available to banks. The second thing that the Fed did to increase the attractiveness of the BTFP was to offer below market rates. We're not seeing signs that the cash that's moved into money fund is necessarily leaving in like a flight to quality away from the banks. It's just being recycled through a different vehicle or potentially through another vehicle that the banks can then obtain access to, i.e. they come loan advance.
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