Archive - Conks

Infographics: The FHLB (Federal Home Loan Bank) Money Market Nexus

federal home loan banks’ (FHLBs) options for providing liquidity in money markets

16 hrs ago • Conks

Infographics: The Equity Repo Complex

trades that determine financing rates for equities i.e. leveraged stock market exposure(s), known collectively as "equity repo"

Jun 14 • Conks

Primer: The SOFR/FF Basis

a thorough introduction to SOFR-FF (SERFF) with examples

Jun 10 • Conks

May 2026

Plumbing Notes: The Fed's Overshoot

a cash flood may prompt a pause in liquidity injections

May 24 • Conks

Plumbing Notes: Statecraft & the TGA

a new type of Treasury-Fed accord

May 12 • Conks

Plumbing Notes: The Warsh Prelude

a calm before a (tepid) storm in money markets

May 4 • Conks

April 2026

Plumbing Feed: Swaps & Interventions

a roundup of posts from the Conks feed in article form

Apr 29 • Conks

Plumbing Notes: The Peak-TACO Era

the rates and $ funding playbook for peak escalation

Apr 9 • Conks

March 2026

Plumbing Notes: War & Short-end Rates

the ultra-short-end has become the new safe haven

Mar 23 • Conks

Infographics: A Warsh-Led Fed Balance Sheet Reduction

an overview of the flows & steps involved in reducing the Fed's balance sheet (with desirable but mostly undesirable outcomes)

Mar 19 • Conks

Plumbing Notes: War & Plumbing

U.S. monetary statecraft is about to snowball

Mar 11 • Conks

Plumbing Notes: Nothing Ever Happens

the softening of $ funding rates continues

Mar 1 • Conks

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