FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-WonNegative repo rates typically occur when a particular collateral security becomes in demand - in this case analysts pointed to the 10-year Treasury - or there is a reduced supply in the repo market. In order to borrow these securities, buyers have to tempt potential sellers with cheap cash or a repo rate that is less than the general collateral repo rate.
The general collateral rate remained above zero on Thursday, however, at 0.05%. It did go negative last week at -0.05 basis points. Dan Belton, fixed income strategist, at BMO Capital said the U.S. 10-year note was “trading special” in repo, meaning to lend cash to borrow the security, the lender must pay the current rate of negative 3% to 4%.
On the other hand, dealers and depository institutions borrow cash against long positions in securities to finance their net inventory and balance sheet position.
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fed already tested it years ago two times. all failed. lets follow jank bonds before leaving the ship.
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Wow, do you think the federalreserve saw this coming?
what happens when the 'stress' reaches a critical mass?
horrible