Money Market Update

mid-month pressures have arisen but will soon clear. nevertheless, higher money market rates will prevail, increasing odds of central bank action. this…

Sep 15 • 

Conks

50

The Fed's Reckoning: Part I

a plumbing "soft (or hard) landing" awaits monetary leaders

Sep 9 • 

Conks

71

2

Infographics: The Fed's Repo Hierarchy

an overview of the hierarchy at which certain types of entities transact in repo markets

Sep 4 • 

Conks

41

1

Infographics: The Global Dollar Rates Hierarchy ('25 Version)

an updated overview of the global $ rate hierarchy bounded by the Fed’s target ranges (a.k.a jaws) for USD rates

Sep 3 • 

Conks

60

August 2025

Money Market Update

the RRP has reached the zero bound, marking the near-end of a journey toward tight (i.e. no excess) liquidity, but officials have other plans…

Aug 14 • 

Conks

68

2

The Shadow Cash Market: Part II

the "bond-like" market and understated liquidity

Aug 10 • 

Conks

59

1

July 2025

Infographics: Shadow Cash Trades & Flows

"bond-like" trades and flows mapped out

Jul 27 • 

Conks

34

The Great Rebalancing

the war on long-end bond issuance is just beginning

Jul 16 • 

Conks

96

8

June 2025

The Shadow Cash Market: Part I

the Treasury market's covert twin is boosting liquidity

Jun 24 • 

Conks

64

7

Infographics: Centrally Cleared U.S. Treasury Market Flows

the plumbing of U.S. treasury trades that pass through a central counterparty

Jun 13 • 

Conks

43

May 2025

Infographics: The Shadow Cash Market

the "bond-like" liquidity ecosystem

May 28 • 

Conks

60

1

The Fed's Relief Valve: Part II

an attempt to grease the Treasury market's plumbing may fall short

May 16 • 

Conks

48

4