Highest All Year
I do not know the cause but the Effective Rate jump seems unusual.
My Conversation With the 30-Year Long Bond
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.
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