Money Market Brief

A decent month for the Transitory Pause thesis. Risk assets survived falling "net" liquidity. Other measures painted a rosier picture, like declining fails and less negative cross-currency bases

In case you missed it, our latest piece went out yesterday. We go over the history of the Fed’s shock absorber (the RRP facility) and a potential “plumbing QE” mechanism:

The Fed's Plumbing Dilemma

Up next: a — highly requested! — subscriber explainer on the Eurodollar system, covering its history and also the nitty-gritty plumbing aspects seemingly absent from the interwebs. But first, a money market update…

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learn more with our rates primer

a useful but incomplete view of liquidity

a useful but incomplete view of liquidity

Euro and Yen Cross Currency Bases (XCCY)