Plumbing Notes: War & Short-end Rates

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

Mar 23 • Conks

67

3

8

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

50

2

Plumbing Notes: War & Plumbing

U.S. monetary statecraft is about to snowball

Mar 11 • Conks

82

7

3

Plumbing Notes: Nothing Ever Happens

the softening of $ funding rates continues

Mar 1 • Conks

55

2

5

February 2026

Infographics: Treasury Buybacks

an overview of the flows & steps involved in Treasury buybacks

Feb 27 • Conks

52

5

The Fed's New Target: Part II

the secured rate complex and the Fed’s new target

Feb 15 • Conks

56

7

Infographics: Key Rates & Spreads In the Modern Repo Market

an overview of repo rates and average spreads earned by dealers

Feb 11 • Conks

41

8

Plumbing Notes: A Global Compression

Fed ops have prompted a global dampening in $ funding markets

Feb 1 • Conks

102

4

6

January 2026

Plumbing Notes: Repo 101

a concise primer on repo market lingo & mechanics

Jan 25 • Conks

119

2

18

Infographics: The Modern Repo Market

an overview of modern repo market mechanics and flows (circa '26)

Jan 22 • Conks

63

11

The Fed's New Target: Part I

rising interbank tensions will prompt the next rate evolution

Jan 10 • Conks

59

7

8

December 2025

Infographics: The Fed's Repo Rate "Sweet Spot"

how the Fed will force its repo rate benchmarks to print within its desired sweet spot, i.e. just below IORB, despite opposing forces

Dec 28, 2025 • Conks

53

3