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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
