From MarketWatch, December 2:
Two key rates in short-term funding markets have edged back above 4% over the past week
Potential signs of trouble are popping up again in the form of tighter conditions in short-term funding markets, which act as the indoor plumbing of the financial system, and this may require the Federal Reserve to take action relatively soon.
Two measures of funding-market liquidity, known as the Secured Overnight Financing Rate and the Tri-Party General Collateral Rate, have both crept back above 4% during the past week, but remain off their late-October peaks. Both rates are derived from the U.S. overnight repo market, which acts a critical source of short-term funding for a wide range of financial institutions. The Fed monitors pressures in the overnight repo market because of the potential for this to cause wider volatility....
....MUCH MORE
Best guess is five months, April 2026, before we find out what this was all about.
