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Desantis Announces Presidential Run | RFK Jr. Accepts Crypto For Campaign Donations

Desantis Announces Presidential Run | RFK Jr. Accepts Crypto For Campaign Donations

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Analytical Data

Some are trying to make a big deal out of debt ceiling resolution. T-bill deluge and a jump in feds' TGA which will lower bank reserves. Who cares! There's $2.2T in reverse repo right now along with an "extra" half trillion in GC repo (how much more in other safety bids).

Falling rates in GC repo markets along with high volumes indicate massive safety bid. As deposits leave banks for interest rate reasons MMFs and the like are relending but only to the safest, most liquid borrowers. Why? Rate hikes aren't it. CRE is just a start.

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