Global Funding Markets
GLOBAL
LIQUIDITY
NY FED REPO OPERATIONS (12M) · BGCR P99 vs POLICY RATE (90D)
LOADING DATA...
DAILY OPERATION TOTAL SUBMITTED & ACCEPTED — LAST 12 MONTHS · $BN
Fed Repo Operations show the daily volume of liquidity the Fed injects into or drains from the banking system. When accepted volume is large and submission pressure is high, dealers are short reserves — a leading signal of tightening funding conditions and a direct read on reserve scarcity in the system.
BROAD GENERAL COLLATERAL RATE — 99TH PERCENTILE vs FED FUNDS UPPER BOUND — LAST 90 DAYS
BGCR P99 vs the policy ceiling is one of the sharpest repo market stress signals available. The 99th percentile rate captures the most expensive end of general collateral borrowing. When it breaches the upper bound of the policy corridor, it indicates that some market participants are paying above the Fed's own ceiling to source overnight funding — a sign of reserve pressure or collateral scarcity.
DX-Y.NYB — DAILY CLOSE — LAST 90 DAYS
The Dollar Index (DXY) is a first-order proxy for global USD liquidity conditions. A strengthening dollar tightens financial conditions globally by increasing the cost of dollar-denominated debt, reducing cross-border capital flows, and compressing emerging market liquidity. DXY strength often leads risk-off episodes in global markets.
SECURED OVERNIGHT FINANCING RATE MINUS BROAD GENERAL COLLATERAL RATE — BASIS POINTS — LAST 90 DAYS
The SOFR-BGCR spread isolates the marginal cost of DVP (delivery vs. payment) repo relative to tri-party general collateral. A widening spread signals that specific securities are trading "special" or that cleared repo markets are under stress — often a precursor to broader funding dislocations.
3-MONTH TREASURY YIELD (DGS3MO, INVESTMENT BASIS) vs SOFR — LAST 90 DAYS · %
3M T-Bill vs SOFR captures the premium the market demands to lock up cash for 90 days relative to overnight lending. A widening positive spread (T-Bill above SOFR) reflects increased term premium and risk aversion. A negative spread can signal collateral scarcity driving overnight rates above term rates — a classic stress indicator.
── MARKET STRUCTURE & FUNDING
3M FINANCIAL vs NONFINANCIAL CP RATES — % — 90 DAYS
Commercial paper rates reflect the short-term funding cost for financial institutions and corporates. The spread between financial and nonfinancial CP is a sensitive indicator of bank credit stress — when financial CP trades wide to nonfinancial CP, markets are pricing elevated risk in the banking sector's balance sheet.
3M CP FINANCIAL RATE MINUS SOFR — PROXY FOR FRA-OIS FUNDING STRESS — BPS — 90 DAYS
The FRA-OIS spread (proxied here as financial CP minus SOFR) is one of the most-watched gauges of interbank funding stress. It measures the premium banks pay to borrow term vs overnight — a spread above 30bps historically correlates with significant banking system stress. It spiked sharply in 2008, 2020, and during regional bank stress in 2023.
1-MONTH vs 3-MONTH SOFR FUTURES IMPLIED RATES — SPOT QUOTE
SR1 vs SR3 SOFR futures reveal the market's near-term rate path expectations at the short end of the curve. The spread between 1-month and 3-month implied rates captures how aggressively the market is pricing cuts or hikes over the next quarter — the most liquid real-time read on monetary policy expectations.
HIGH YIELD (HYG) vs INVESTMENT GRADE (LQD) — NORMALIZED TO BASE 100
HYG vs LQD tracks risk appetite across the credit spectrum. When high yield underperforms investment grade, credit conditions are tightening at the margin — typically a leading indicator of broader liquidity withdrawal. The ratio between the two is often used as a proxy for the credit impulse in global risk markets.
VIX SPOT vs VIX FUTURES TERM STRUCTURE — CONTANGO / BACKWARDATION · CBOE DATA WHEN AVAILABLE
VIX term structure reveals the market's expectation of future volatility across time. In normal (calm) markets the curve is in contango — futures trade above spot, reflecting uncertainty premium. Backwardation (spot above futures) signals acute near-term fear and is often seen at market stress peaks. The slope of the curve — particularly M1 minus spot — is one of the best real-time indicators of whether fear is spiking or normalizing.