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Highest All Year

I do not know the cause but the Effective Rate jump seems unusual.

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My Conversation With the 30-Year Long Bond

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In My Conversation With the 30-Year Long Bond I noted a "solid wall of inversions" from the three-year note through the Fed Funds Rate.

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The Fed Funds rate would not be inverted with the 3-month and 6-month T-Bills without the Fed Funds Rate jump today.

Recall that it was a Fed Ends Rate jump that kicked off the Repo Crisis.

Mike "Mish" Shedlock