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The Federal Reserve's financial activities for the week ending June 26 saw significant movements. The Fed's bids for 4-week bills totaled $215.8 million. Money market fund assets increased by $4.97 billion to $6.10 trillion for the 8-day period ending June 26, according to the Investment Company Institute (ICI). The Fed's bank term funding loans amounted to $106.6 billion, slightly down from $107.3 billion the previous week. Discount-window loans rose to $7.03 billion from $6.68 billion. Additionally, US bank deposits increased to $17.612 trillion from $17.574 trillion in the prior week.
RRPs spike all the way back up to $665 billion as the end-of-quarter stockpile of liquidity looks around for an overnight home; this will likely plunge back below $400 billion before end of next week: https://t.co/NNVCbjUC0C
US BANK DEPOSITS ROSE TO $17.612 TLN FROM $17.574 TLN IN THE PRIOR WEEK.
3. There is funding pressure leading up to quarter-end, but there is a significant increase in cash in the Repo market - look at the decline in overnight rates each day and the increase in cash at the RRP facility