Enable (disable) these by turning on (off) the “Snapshots“ slider in your Notifications settings
🥷 MONEY MARKET SNAPSHOT (2026-07-16)
BILLS
— RATES:
• 1-month: 3.695%
• 3-month: 3.792%
• 6-month: 3.904%
• 12-month: 3.986%
— AUCTIONS:
• Today, Treasury auctioned $116.4bln of 1m bills, and $105.9bln of 2m bills
• Treasury will offer $92bln in 3m bills on Monday, $79bln in 6m bills on Monday, and $95bln in 6w bills on Tuesday
— SETTLEMENTS:
• $24.993bln in net new cash raised (bills issued) by Treasury yesterday
COUPONS
— AUCTIONS:
• Treasury held no coupon auctions today
• Treasury will offer $13bln in 20y coupons on Wednesday, and $21bln in 10y coupons on Thursday
— SETTLEMENTS:
• No coupon settlements imminent
TGA (TREASURY GENERAL ACCOUNT)
— LATEST CASH BALANCE: $796bln
• an $8bln increase from the previous update ($788bln)
• $154bln below the Treasury’s target cash balance
— TARGET CASH BALANCE: $950bln
RESERVE BALANCES
— OUTSTANDING: Banks’ reserve balances rose $43.8bln to $3.14trln from $3.10trln since Wednesday
— NEW YORK: FRBNY held a 57.05% share of bank cash as of Wednesday
— SAN FRAN: FRBSF held a 10.94% 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 $0.125bln in the afternoon operation
— SEC LENDING: The Desk lent $36.62bln of SOMA securities to primary dealers
FED SECURED BENCHMARKS
— SOFR (o/n TSY REPO RATE AVG): 3.64% (prev: 3.63%)
• TRADING RANGE: 3.58%-3.73%
• 75TH PERCENTILE: 3.70%
• 25TH PERCENTILE: 3.62%
• SOFR-IORB SPREAD: -1bps (banks unlikely to be repo lenders)
— TGCR (o/n TRIPARTY RATE AVG): 3.62% (prev: 3.62%)
— BGCR (TGCR + INTERDEALER RATE AVG): 3.62% (prev: 3.62%)
FED UNSECURED BENCHMARKS
— EFFR (o/n FF RATE AVG): 3.63% (prev: 3.63%)
• TRADING RANGE: 3.60%-3.65%
• 75TH PERCENTILE: 3.63%
• 25TH PERCENTILE: 3.62%
• IORB-EFFR SPREAD: 2bps (i.e. foreign banks arbing, on avg, 2bps)
— OBFR (EURODOLLARS): 3.63% (prev: 3.63%)
• TRADING RANGE: 3.55%-3.68%
• 75TH PERCENTILE: 3.63%
• 25TH PERCENTILE: 3.62%
• IORB-OBFR SPREAD: 2bps (i.e. foreign banks arbing, on avg, 2bps)
FED ADMINISTERED RATES
— SRPs: 3.75%
— IORB: 3.65%
— RRPs: 3.50%
— FRPs (FOREIGN REPO POOL): 3.50%
SECURED MARKETS
— REPO
— RATES
• GC
• o/n: 3.66%
• TERM
• 1-week: 3.72%
• 2-week: 3.72%
• 1-month: 3.78%
• OFR (OFFICE OF FINANCIAL RESEARCH)
• o/n DVP (DELIVERY VS. PAYMENT): 3.66%
• o/n GCF (INTERDEALER): 3.7%
• o/n TPR (TRIPARTY): 3.68%
— VOLUMES
— FEDERAL RESERVE
• SOFR: $3.104trln (prev: $3.092trln)
• TGCR: $1.276trln (prev: $1.273trln)
• BGCR: $1.306trln (prev: $1.316trln)
• FRP (FOREIGN REPO POOL): $347.07bln (prev: $346.05bln)
— OFR (OFFICE OF FINANCIAL RESEARCH)
• o/n DVP (DELIVERY VS. PAYMENT): $2.824trln (prev: $2.786trln)
• o/n GCF (INTERDEALER): $0.236trln (prev: $0.233trln)
• o/n TPR (TRIPARTY): $2.404trln (prev: $2.356trln)
— SPONSORED (AS REPORTED BY DTCC)
• VOLUMES: $2.408trln
• a decrease of $6bln from the previous release of $2.414trln
• Sponsored GC saw $0.781trln while Sponsored DVP saw $1.627trln
— FAILS (AS REPORTED BY DTCC)
• TSY: $23.95bln
• AGENCY: $0.01bln
— FX IMPLIED (€/$)
— RATES
• 3-month: 3.91%
UNSECURED MARKETS
— FED FUNDS
• VOLUMES
• EFFR (o/n FF): $109bln (prev: $111bln)
— EURODOLLARS
• VOLUMES
• OBFR: $250bln (prev: $245bln)
— COMMERCIAL PAPER
• RATES (AA FIN)
• o/n: 3.62%
• 1-week: 3.63%
• 1-month: 3.68%
• 3-month: 3.8%
• ISSUES (AA FIN)
• o/n: 131 issues at ~o/n tenors
• 1-month: no issues at ~1m tenors
• 3-month: 1 issues at ~3m tenors
• OUTSTANDING
• FINANCIAL CP: $614.23bln
• NON-FINANCIAL CP: $336.08bln
• ASSET-BACKED CP: $467.96bln
• BESPOKE: $13.91bln
BASIS MARKETS
— SOFR-FF (SERFF)
• LATEST (Jul’26): 0.75bps
• NEXT (Aug’26): -2bps
• YEAR-END (Dec’26): -4bps
— XCCY
• €/$ (3-month): 0.750bps
— EQUITY FUTURES (S&P500) A.K.A “EQUITY REPO”
• LATEST: +20bps over o/n FF (prev: +18bps)
• QUARTER-END: +65bps over o/n FF (prev: +61bps)
• YEAR-END: +73bps over o/n FF (prev: +71.5bps)
SOURCES: U.S. TREASURY, FRBNY, OFR, OTC, DTCC, CME, 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
