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NEW YORK, Oct 1 - A key U.S. overnight funding interest rate jumped on Monday in a sign of tighter liquidity in money markets at the end of the month and the third quarter.
Excluding moves that occurred when the Federal Reserve changed the policy rate, Monday's SOFR increase was the biggest one-day change since March 2020. Meanwhile, the DTCC GCF Treasury Repo Index, which tracks the average daily interest rate paid for the most-traded General Collateral Finance Repo contracts for U.S. Treasuries, rose to 5.221% on Monday, some 32 basis points above IORB.
A spike in the price for repurchase agreements, or repos, can be a sign that cash is getting scarce in a key funding market for Wall Street. Short-term funding costs spiked in September 2019, forcing the Federal Reserve to intervene by injecting liquidity into repo markets.
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