Money Market Update
repo rates and RRP usage temporarily spike due to year-end regulatory dates, activating the upper layers of the repo hierarchy (explained in our latest piece). this will unwind at the start of 2024
First of all, Merry Christmas and a Happy New Year! In case you missed it — or you’ve just joined us — our deep dive on the future of the Fed’s RRP (reverse repo) facility went live recently…
Next, we’ll look at the centrally cleared regions of the Treasury/repo market (a small taster below):
But first, a money market update…
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa55c20bc-5172-4033-9c9b-976586dbcc51_5904x4348.png)
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7cb2646-b7f7-4d37-9f46-a2a2a00a7664_6158x4250.png)
The recent BTFP uptake is significant, do you believe it will slow the rate of the RRP drawdown?
This is awesome. Can you send out more often ?