Central Bank Liquidity Swaps: How Global Dollar Funding Works
Central bank liquidity swaps provide foreign central banks with dollars during market stress. Here is how swap lines, pricing, and collateral mechanics work.
federal reserve
SOFR vs. Fed Funds Rate: Secured vs. Unsecured Benchmarks
Understand the key differences between SOFR and the Fed Funds Rate, from collateral and calculation methods to how they drive lending and policy.
Open Market Operations: How the Fed and the Desk Steer Rates
Learn how Fed Open Market Operations work, how the New York Fed Desk trades with primary dealers, and how permanent vs. temporary repos steer interest rates.
Fed Floor System: How IORB and ON RRP Set Interest Rates
Discover how the Federal Reserve’s floor system controls interest rates using administered rates like IORB, the ON RRP facility, and the discount window.
Dow Drops 328 Points as 10-Year Yield Hits 5% and Oil Climbs
The Dow dropped 328.09 points to 52,093.11 on Sept. 15 as the 10-year Treasury yield hit 5.00% and crude oil surged above ahead of the Fed rate decision.
Homebuilder Stocks Near 52-Week Lows as 10Y Hits 4.95%
Homebuilder stocks sit near 52-week lows as the 10-year Treasury climbs to 4.95% and the 30-year mortgage hits 6.76% ahead of the September FOMC.
2027 Social Security COLA Tracks 3.5% After Hot August CPI
TSCL projects a 3.5% 2027 Social Security COLA after Aug CPI-W ran at 3.5% YoY, with capital-markets implications for Treasury issuance.
How Mortgage Rates Are Set: 10-Year Treasury + Spread
30-year mortgage rates aren’t tied to the Fed’s rate. They track the 10-year Treasury plus a mortgage spread. Here’s how the math works.
10-Year Treasury Hits 4.95%: S&P 500 Slides for 4th Day
The 10-year yield jumped 12 bp to 4.95% Sept. 10, its highest since Oct 2023, as the S&P 500 fell 0.58% for a fourth straight day ahead of Thursday’s CPI.
Jobs Blowout: 162K Hires Force Fed Rate-Hike Bets Back
US employers added 162,000 jobs in August, more than double consensus. Treasury yields ripped and September rate-cut bets flipped to potential hikes.