U.S. overnight general collateral repo rate traded at 1.63% at the open
U.S. overnight general collateral repo rate traded at 1.63% at the open, inside the new 1.50% to 1.75% funds rate band. That's in line with Friday's rate. There were limited month-end pressures as the NY Fed's repos and asset purchases have helped soften the rate. And pressures aren't really expected until year-end. The NY Fed's Friday repo totaled $73.1 B, and also conducted a $31.45 B 13-day term repo. This week's schedule shows the Fed will purchase $8.3 B in Treasuries in reinvestment operations, and $7.525 B in bills in a reserve management operation. The effective funds rate softened to 1.58% on Thursday, down from 1.82% the prior few days, and likely dipped further on Friday as there were few signs of month-end pressures.