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🥷 MONEY MARKET SNAPSHOT (2026-06-08) 

TREASURY BILLS
— RATES:
   • 1-month: 3.676%
   • 3-month: 3.718%
   • 6-month: 3.81%
   • 12-month: 3.82%
   • 3m-ois: 6.4bps
— AUCTIONS:
   • Treasury held no bill auctions today
   • Treasury will offer $50bln in 1y bills and $65bln in 6w bills on Tuesday
— SUPPLY:
   • $5.1bln in net new cash to be raised (bills issued) by Treasury on Tuesday 

TGA (TREASURY GENERAL ACCOUNT)
— LATEST CASH BALANCE: $826bln
  • a $19bln decrease from the previous update ($845bln)
  • $74bln below the Treasury’s target cash balance
— TARGET CASH BALANCE: $900bln

RESERVE BALANCES
— OUTSTANDING: Reserves fell $52.7bln to $3.01tln from $3.07tln since last Wednesday
— NEW YORK: FRBNY held a 56.88% share of bank cash as of Wednesday

FED OMOs (OPEN MARKET OPERATIONS)
— o/n SRPs, MORNING OPERATION: The Desk lent $0.0bln in the morning operation
— o/n SRPs, AFTERNOON OPERATION: The Desk lent $0.0bln in the afternoon operation
— o/n RRPs: The Desk accepted $1.832bln in the afternoon operation
— SEC LENDING: The Desk lent $36.03bln of SOMA securities to primary dealers

FED SECURED BENCHMARKS
— SOFR (o/n TSY REPO RATE AVG): 3.63% (prev: 3.62%)
  • TRADING RANGE: 3.58%-3.71%
  • 75TH PERCENTILE: 3.68%
  • 25TH PERCENTILE: 3.61%
  • SOFR-IORB SPREAD: -2bps (banks unlikely to be repo lenders) 
— TGCR (o/n TRIPARTY (TPR) RATE AVG): 3.61% (prev: 3.59%)
— BGCR (o/n TPR+INTERDEALER RATE AVG): 3.61% (prev: 3.59%)

FED UNSECURED BENCHMARKS
— EFFR (o/n FF RATE AVG): 3.62% (prev: 3.62%)
  • TRADING RANGE: 3.60%-3.69%
  • 75TH PERCENTILE: 3.63%
  • 25TH PERCENTILE: 3.62%
  • IORB-EFFR SPREAD: 3bps (i.e. foreign banks arbing, on avg, 3bps)
— OBFR (EURODOLLARS): 3.62% (prev: 3.62%)
  • TRADING RANGE: 3.50%-3.68%
  • 75TH PERCENTILE: 3.63%
  • 25TH PERCENTILE: 3.62%
  • IORB-OBFR SPREAD: 3bps (i.e. foreign banks arbing, on avg, 3bps)

FED ADMINISTERED RATES
— SRPs: 3.75%
— IORB: 3.65%
— RRPs: 3.50%
— FRPs (FOREIGN REPO POOL): 3.50%

SECURED MARKETS
— REPO
  — RATES
    — o/n: 3.67%
    — TERM 
      • 1-WEEK: 3.67%
      • 2-WEEK: 3.68%
      • 1-MONTH: 3.70%
  — VOLUMES
    — FEDERAL RESERVE
      • SOFR: $3.131tln (prev: $3.147tln)
      • TGCR: $1.265tln (prev: $1.275tln)
      • BGCR: $1.304tln (prev: $1.300tln)
      • FRP (FOREIGN REPO POOL): $318.93bln (prev: $299.86bln)
    — OFR (OFFICE OF FINANCIAL RESEARCH)
      • GCF (INTERDEALER): $0.241tln (prev: $0.226tln)
      • DVP (DELIVERY VS. PAYMENT): $2.934tln (prev: $2.950tln)
      • TPR (TRIPARTY): $2.335tln (prev: $2.402tln)
    — SPONSORED (AS REPORTED BY DTCC)
      • VOLUMES: $2.497tln
      • an increase of $20bln from previous release of $2.477tln 
      • Sponsored GC saw $0.76tln while Sponsored DVP saw $1.74tln
  — FAILS (AS REPORTED BY DTCC)
    • TSY: $27.11bln
    • AGENCY: $0.02bln 
— FX IMPLIED (€/$)
  • t/n: 3.80%
  • 3-month: 3.82%

UNSECURED MARKETS
— FED FUNDS
  • VOLUMES
    • EFFR (o/n FF): $117bln (prev: $121bln)
— EURODOLLARS    
  • VOLUMES
    • OBFR: $254bln (prev: $252bln)
— COMMERCIAL PAPER
  • RATES (AA FIN): 
    • o/n: 3.61%
    • 1-week: 3.64%
    • 1-month: 3.67%
    • 3-month: 3.74%
  • ISSUES (AA FIN)
    • o/n: 139 issues at ~o/n tenors
    • 1-month: 1 issues at ~1m tenors
    • 3-month: 1 issues at ~3m tenors
  • OUTSTANDING: 
    • FINANCIAL CP: $623.61bln
    • NON-FINANCIAL CP: $378.82bln
    • ASSET-BACKED CP: $456.62bln
    • BESPOKE: $9.61bln

SPREADS
coming soon...

SOURCES: U.S. TREASURY, FRBNY, OFR, OTC, DTCC, CIA (CONKS INTELLIGENCE AGENCY)
DISCLAIMER: Not financial advice. By viewing this content, you agree to the terms (https://www.conks.plumbing/tos) under CHAT FEED TERMS

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