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Market: Mysterious One-Day Roundup Rate Drops
A strange thing just happened in the U.S. short-term financing market: on March 19th, benchmark interest rates suddenly dropped sharply, then rebounded the next day. This drop occurred in a corner of the repurchase agreement market, or repo, where corporations borrow money from investors using treasury bonds as collateral. The key repo rate, known as the Treasury GCF Repo Index, fell to 5.142% the other day, down from 5.334% the day before.
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