Category: The Markets

The Markets – December 2016

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Cash Review & Outlook The A1/P1 commercial paper curve steepened throughout the month of November with 1-week paper ending the month flat at 0.42% while 1-month paper increased 5 basis points to 0.60%. Moving into the New Year, we expect bills and short agency debt to richen as bill supply diminishes resulting from the 2015 debt ceiling legislation whereby...

The Markets – November 2016

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Cash Review & Outlook While the 30-day A1/P1 rated US commercial paper widened 5 basis points to close out October at 0.59% (average yield at maturity), the 30-day moving average actually tightened 2 basis points to 0.52%. The October 14th deadline for money market reform came and went, and the exodus from prime and municipal/tax-exempt money market funds to...

The Markets – October 2016

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Cash Review & Outlook After trading in a 15 basis point range all month, 30-day A1/P1 rated U.S. commercial paper closed out September at its 30-day moving average of 0.54%. With the October 14th deadline for money market reform looming we would expect overnight paper to be in strong demand as Prime Funds should continue front-loading liquidity. There is...