Money Market Brief - Concoda

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hey Conks may I ask a question?

You said: "Repo volumes soar to new highs, while RRP drain is likely to come from MMFs funding leveraged investors (if SOFR > ON/RRP) and buying "TGA refill" bills (if 1-month yields > SOFR). TGA piece out soon."

If 1 month yield > SOFR yield, doesn't mean that there's more demand for 1 month yield than SOFR?

What am I missing?

THanks

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