![]() Going forward, however, lingering concerns in the market on how high the Fed would go with its rate-hiking cycle could curb demand from money market funds for T-bills, John Velis, FX and macro strategist for the Americas at BNY Mellon, said in a note. So far, more than US$300bil (RM1.4 trillion) in net bill issuance has coincided with a decline in demand for the Fed’s reverse repo facility (RRP), where money market funds typically park their cash.ĭemand fell below US$2 trillion (RM9.3 trillion) earlier this month for the first time since June 2022. ![]() The US Treasury has started refilling its account through T-bills after the government’s debt ceiling was suspended earlier this month. NEW YORK: An expected deluge of US Treasury bills could be met with some reluctance from money market mutual funds if the new paper does not offer higher returns than the Federal Reserve’s (Fed) overnight reverse repo facility, BNY Mellon says.
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