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At Any Rate
US Rates: Putting the “Fun” in Funding and the Quarterly Refunding
Jul 26, 2024
US Rates strategists Jay Barry, Teresa Ho, and Phoebe White discuss funding markets, QT impact, August refunding, and FOMC meeting. Topics include market inefficiencies, Treasury guidance on borrowing needs, US Treasury issuances, and outlook for rate cuts.
21:55
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Quick takeaways
- Market volatility priced for September ease, influenced by QT dynamics and liquidity constraints.
- Forecasts suggest manageable Treasury financing needs with expected adjustments in issuance composition.
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Overview of Market Themes and Trends
Despite notable market volatility across rates, currencies, and risk assets, markets are largely priced for a September ease, with some speculation earlier in July. Various monetary market rates have shown stability, while SOFR rates have been elevated. Factors like QT, liquidity dynamics, and market inefficiencies contribute to SOFR's behavior, showing high but not indicative of reserve scarcity.
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Discover
highlights
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