Markets · Rates
Funding & liquidity
The short-end plumbing in one place — funding corridor & stress spreads, money-fund flows, foreign Treasury demand and auction demand.
Funding corridor
Overnight reference rates — the policy band and where money actually trades
SOFR
3.63%
SOFR (secured o/n)
-6.0 bps
EFFR
3.63%
Effective fed funds
0.0 bps
OBFR
3.63%
O/N bank funding
0.0 bps
BGCR
3.61%
Broad GC repo
-6.0 bps
TGCR
3.61%
Tri-party GC repo
-6.0 bps
SOFR − EFFR+0.0 bps
secured vs unsecured o/n — >0 hints at collateral scarcity / funding pressure
SOFR − target—
SOFR vs the policy band midpoint — drift above the corridor signals repo stress
BGCR − TGCR+0.0 bps
broad vs tri-party GC repo — dealer balance-sheet pressure
Money-market fund flows
ICI weekly
Total assets
—
This week
—
4-week net
—
Foreign demand for Treasuries
Treasury TIC
Total foreign held
—
Change vs prior
—
Auction demand
Bid-to-cover over the last 90 days vs the 2-year average — low = soft demand / tail risk
| Tenor | Recent BTC | 2y avg | vs avg | N · last |
|---|---|---|---|---|
| 26-Week | 2.88 | 2.94 | -0.06 | 13 · 06-15 |
| 17-Week | 3.03 | 3.06 | -0.03 | 13 · 06-17 |
| 5-Year | 2.38 | 2.37 | +0.01 | 4 · 05-27 |
| 2-Year | 2.81 | 2.71 | +0.10 | 4 · 05-26 |
| 3-Year | 2.62 | 2.62 | -0.00 | 3 · 06-09 |
| 7-Year | 2.49 | 2.56 | -0.07 | 3 · 05-28 |
| 52-Week | 3.32 | 3.36 | -0.04 | 3 · 06-09 |
| 10-Year | 2.40 | 2.44 | -0.04 | 1 · 05-12 |
| 13-Week | 2.84 | 2.87 | -0.03 | 1 · 03-23 |
| 20-Year | 2.55 | 2.45 | +0.10 | 1 · 05-20 |
Sources: NY Fed reference rates (money_market_rates), ICI money-fund flows, Treasury TIC major foreign holders, TreasuryDirect auctions. Repo detail on /markets/bonds/repo-rates, auction history on /markets/bonds/auctions.