Thanks for the heads up. Fixed it

GM

Upcoming Futures rolls add to the pressure with the front-end still in negative carry and roll mode.

Sorry. I am in V-day mode and not at desk

The way it was responding to data and how the curve is acting with the long-end relatively weak which is a clear supply weakness

It isn't practical for the Fed to have direct dealings with every small firm. That's what dealers are for to manage funding for smaller accounts

Best thing would be central clearing SRF and they are working on it. Not sure it happens in time for this year-end but it will happen soon IMO

No they can't net out their repos and that is regulatory hit on month-ends

It is open to many, but there are still some accounts that are just too small and use a prime broker for all their financing. My firm was like that. We never dealt directly with the Fed

SRF is helping but there is still some regulatory friction esp on month-ends when dealers can't intermediate well, in particular their smaller accounts that can't access SRF. Central clearing would be a huge help

Great article and yes I agree with gist. Of course, reserves are no longer abundant but some of the recent turmoil is TGA related with the enormous number of TBills issued and govt shutdown ballooning the account. Add in year-end agita building up and this isn't too suprising. Perspective vs '19

Do you have a gift link?

Canada's unemployment rate has a nice downtick

They estimate UER 4.4% not exactly comforting

Yeah. I don't think we should take any data pt too seriously right now. But the combo of Chi Fed, Challenger and this has the attention of the front-end, esp after the shellacking yesterday. Dec cut odds remain firm