OFR Short-term Funding Monitor - Market Digests


Interest rates measure the cost of funding. They can act as indicators both of short-term costs of capital for financial intermediaries and of stress in funding markets. These charts present interest rates across various short-term funding markets and types of funding.

Yields on money market fund investment holdings of repos by tenor

Dollar-weighted median yields on money market investment fund holdings of repos by tenor

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Money market funds are a type of mutual fund used for cash management by institutional and retail investors. As a group, these funds are the largest cash lenders in short-term funding markets. Money market funds provide liquidity to the markets. This liquidity allows issuers of short-term debt securities, such as corporations and governments, to roll over their financing.

This chart shows the dollar-weighted median yield on money market funds investments in repurchase agreements (repo) by tenor, which is the amount of time between the initial trade of cash for securities and the repurchase of those securities. Money market funds adjust the term of their investments both to match expected fund redemptions and to take advantage of expected interest rate movements. Because funds are the largest cash lenders in repo markets, a shift in their maturity preference affects the trading volume and the interest rate charged in these markets. A change in the spread between yields of different tenors can indicate the relative demand for financing on different maturity terms from dealers and other counterparties.

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Suggested Citation

Office of Financial Research, “OFR Short-term Funding Monitor,” refreshed daily, https://www.financialresearch.gov/short-term-funding-monitor/ (accessed ).