, lots of data, and a Treasury Quarterly Refunding announcement. There are many differing views on the QRA, and there is a good chance that that turns out to be a non-event. We will start to get the details on Monday afternoon, with the official releases coming on Wednesday morning.
After all, if the Treasury issues fewer bills, some of that money that has left the reverse repo facility over the past several months may start to return to the reverse repo facility. If too much cash is floating around in the overnight funding markets, overnight rates will drop to the reverse repo rate of 5.3%.
Since the end of March, the overnight rate has been generally trending lower, and the cash in the repo facility has been generally trending higher. So, the details we get over the next couple of days could be important, especially if bill issuance is net negative.Still, that process started in November when Powell indicated that rate hikes were basically over.
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