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The @federalreserve has announced its decision to reinstate funding facilities for #CommercialPaper (CP) this morning, which we expected it was likely to have to do.
That’s because the #financial plumbing system has been challenged. A case in point: #volatility in overnight funding #markets was on display yesterday, with the intraday trading range for #Treasury general collateral a remarkable 300 basis points (-0.25% to 2.75%).
