Plumbing Notes: Statecraft & the TGA

a new type of Treasury-Fed accord

4 hrs ago • Conks

36

Plumbing Notes: The Warsh Prelude

a calm before a (tepid) storm in money markets

May 4 • Conks

58

4

4

April 2026

Plumbing Feed: Swaps & Interventions

a roundup of posts from the Conks feed in article form

Apr 29 • Conks

57

7

Plumbing Notes: The Peak-TACO Era

the rates and $ funding playbook for peak escalation

Apr 9 • Conks

62

6

5

March 2026

Plumbing Notes: War & Short-end Rates

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

Mar 23 • Conks

72

3

9

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

83

7

3

Plumbing Notes: Nothing Ever Happens

the softening of $ funding rates continues

Mar 1 • Conks

56

2

5

February 2026

Infographics: Treasury Buybacks

an overview of the flows & steps involved in Treasury buybacks

Feb 27 • Conks

53

5

The Fed's New Target: Part II

the secured rate complex and the Fed’s new target

Feb 15 • Conks

57

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

103

4

6