quarterly refunding discussion charts august 2, 2005 · # a steady state portfolio illustrates the...
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Quarterly Refunding Discussion ChartsAugust 2, 2005
30-Year Bond Issuance
2
Three Fundamental Issues
• Financing Needs• Flexibility • Cost Considerations
3
Financing Needs
• Existing securities can finance projected needs
• Bond issuance is not projected to crowd out other securities
Debt Portfolio Flexibility• Average maturity has declined in recent years;
modest 30-year issuance would not adversely impact flexibility
• Roll-over is within the historical range; 30-year issuance would reduce short-term funding needs while maintaining short bias in financing
• Reintroduction of the 30-year diversifies funding
• The reintroduction of 30’s increases the investor base4
5
Costs• Term premium partially offset by reduced
event and operation risk, improved cash management, and broader customer base
• Market consultation indicates potential structural demand from real money accounts, pension funds, and asset-liability managers
• Previous presence in market eases market acceptance
6
DEBT MATURITY MEASURES
20
30
40
50
60
70
80
90
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
months
20
30
40
50
60
70
80
90
months
Average Maturity of Issuance
Average Maturity
54.7
As of June 30, 2005
36.8
(Projected)
Assumptions: Current CBO budget estimates through FY2015 (except internal Treasury estimate used for FY2005). Future residual financing needs are spread equally across auctioned securities to maintain constant maturity of issuance.
Dashed lines represent measures with semi-annual 30-year issuance.
7
Distribution of Marketable Debt Outstanding by Security
0%
5%
10%
15%
20%
25%
30%
35%
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 20140%
5%
10%
15%
20%
25%
30%
35%
BILLS 2-3 YR NOTES 4-7 YR NOTES 8-10 YR NOTES BONDS TIPS
Projected
Projections are based on current CBO budget estimates through FY2015 (except internal Treasury estimate for FY2005). Future residual financing needs are spread equally across auctioned securities to maintain constant maturity of issuance. Approximately $25-$30B of bonds are included starting FY2006.
Dotted line: with Bonds
8
Percentage of Debt Maturing in Next 12 to 36 Months
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 201425%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
Maturing in 12 Months
Maturing in 24 Months
Maturing in 36 Months
Projected
Projections are based on current CBO budget estimates through FY2015 (except internal Treasury estimate for FY2005). Future residual financing needs are spread equally across auctioned securities to maintain constant maturity of issuance. Approximately $25-$30B of bonds are included starting FY2006.
Dotted line: with Bonds
9
Security Characteristics of Treasury Debt Portfolio
Security
Average Spread to 3-
month
SD of spread to 3-
month
Correlation to 3-month
nominal yield
Correlation to 3-month
real cost
Average modified
duration for change in
nominal rates
Average convexity for 100
bps change in nominal rates
6-month 0.19 0.20 0.997 0.71 0.47 0.002-year 0.75 0.56 0.977 0.70 1.85 0.043-year 0.90 0.72 0.963 0.71 2.69 0.095-year 1.10 0.91 0.940 0.65 4.20 0.23
10-year 1.36 1.21 0.904 0.69 7.18 0.6530-year 1.42 1.39 0.858 * 12.90 2.71
5-year TIP 2.01 2.71 0.425 -0.18 4.67 0.2510-year TIP 1.43 2.93 0.242 -0.26 8.71 0.8720-year TIP 1.57 3.42 -0.081 -0.35 15.10 2.80
Attributes of Different Treasury Security Offerings, Jan 1959-May 2005
Notes: Historical data for TIPS are simulated assuming real yields are equivalent to the difference between the yield of a nominal security of comparable maturity and inflation expectations. Inflation expectations are derived using a simple adaptive expectations model that weights last month CPI-U NSA,current month CPI-U NSA and next month CPI-U NSA at 25%, 50% and 25%, respectively. OMB's inflation forecast of 2.4% is assumed for realized CPI-U NSA post-May 2005. Simulated TIPS' historical real yield is used to calculate TIPS' duration and convexity. * Insufficient data.
10
The Impact of Various Securities on Portfolio Costs and Flexibility
Security
Annual Auction
Frequency
Contribution of debt stock maturity to steady-state portfolio's average maturity (in months) /1
Historical average
spreads to 3-month bill
rate
Steady-state Debt Stock incl SOMA ($ billions)
Additional Debt That Can Be Raised For $1 Billion
Increase in Auction Size In a Fiscal Year ($ billions) /1
Contribution of $1 billion to steady-state
portfolio's average maturity
(in months) 1-month 52 0.0 0 53 4 0.0003-month 52 0.1 0 283 13 0.0006-month 52 0.3 0.19 551 26 0.0002-year 12 1.3 0.75 646 12 0.0023-year 4 0.8 0.90 264 4 0.0035-year 12 6.0 1.10 1236 12 0.00510-year 8 13.3 1.36 1368 8 0.01030-year * 2 23.6 1.42 810 2 0.029
5-year TIP 2 1 2.01 115 2 0.00510-year TIP 4 4 1.43 420 4 0.01020-year TIP 2 8 1.57 420 2 0.019
Totals 202 58 6166 89 0.084
* Hypothetical# A steady state portfolio illustrates the implications for Treasury's debt stock if Treasury's current issuance pattern and offering sizes were maintained in perpetuity. Assumes no growth in SOMA.
Different Securities' Impact on Flexibility and Cost of a Steady-State Portfolio#
Notes: /1 Average nominal historical rates are based on data from 1959 to present. A synthetic series to estimate historical nominal rates for TIPS is used -- per the prior table.
11
Impact of a new 30 year on Debt Portfolio2005 2010 2015
Maturity (years) Current issuance schedule 1/ 4.50 3.92 3.50 With 30-year bonds 2/ 4.50 4.58 4.58
Duration (years) Current issuance schedule 3.93 3.58 3.33 With 30-year bonds 3.93 3.91 3.84
Nominal Interest Cost ($B) Current issuance schedule 152.6 248.9 338.7 With 30-year bonds 152.6 249.4 339.8
Nominal Interest Cost Sensitivity ($B) 3/ Current issuance schedule -- 389.0 389.4 With 30-year bonds -- 400.9 401.7
Financing Flexibility ($B) /4 Current issuance schedule -- 5.37% 4.54% With 30-year bonds -- 4.39% 4.04%
Notes: Projections are based on current CBO budget estimates through FY2015 (except internal Treasury estimate for FY2005), and on current OMB estimates for interest rates and inflation. 1/ Under current issuance schedule, auction sizes as percents of total marketable borrowing needs are held constant. 2/ Approximately $25B to $30B of 30-year bonds are included starting in 2006; subsequent auction sizes as percents of total marketable borrowing needs are held constant. 3/ Nominal interest cost sensitivity is the change in the debt portfolio's interest expense given a positive shock of 100bps to real and inflation rates. 4/ Average percentage change in auction size over 2006-2010 or 2006-2015.
Treasury Backstop Securities Lending Facility
13
Trading volumes are growing compared to supply
•Cash Market•Futures Market•RP Market
14
Turnover RatiosAverage Daily Trading Volume/Marketable Debt Outstanding
Annual Data
0
2
4
6
8
10
12
14
1980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004
Percent
0
2
4
6
8
10
12
14Percent
Sources: FRBNY, MSPD, BMA
Average Annual Growth Rates 1981-2004
Outstandings 8%Average Daily Trading Volume 16%
1990-2004Outstandings 5%
Average Daily Trading Volume 11%2000-2004
Outstandings 4%Average DailyTrading Volume 22%
Annual growth rates in Primary Dealer trading volume based on BMA data.
Turnover Ratios have doubled since 1999.
15
Peak Open Interest in Front 10-yr Futures Contract vs. Issuance of Cheapest Deliverable Security ($bn)
0
40
80
120
160
200
M J S D M J S D M J S D M J S D M J S D M J S D M J S D M J S
1998 1999 2000 2001 2002 2003 2004 2005
peak open interest for front contractoriginal issuance of cheapest-to-deliver security
CBOT data through 7/15/2005
16
Imbalances Cropping Up More Frequently
Examples:• Fall 2001: High levels of settlement fails in the
August 5-year and 10-year notes after 9/11 • Second half of 2003: Chronic settlement fails
in the May 2013 10-year note • 2005: High levels of open interest in futures
contracts led to market dislocations
Outcome: Increasing Fails
17
Average Daily Treasury Settlement Fails*
0
50
100
150
200
250
7/4/
90
1/4/
91
7/4/
91
1/4/
92
7/4/
92
1/4/
93
7/4/
93
1/4/
94
7/4/
94
1/4/
95
7/4/
95
1/4/
96
7/4/
96
1/4/
97
7/4/
97
1/4/
98
7/4/
98
1/4/
99
7/4/
99
1/4/
00
7/4/
00
1/4/
01
7/4/
01
1/4/
02
7/4/
02
1/4/
03
7/4/
03
1/4/
04
7/4/
04
1/4/
05
7/4/
05
$ Billions
* Fails to ReceiveSource: FRBNY
18
Risks •Large and Persistent Fails•Impaired Liquidity in Cash Market•Loss of Price Convergence in Futures Market•Operational Cost of Resolving Fails•Ultimately Higher Borrowing Costs for Treasury
19
Imbalances could be mitigated or alleviated through a temporary
increase in the supply of Treasuries.
20
Possible Sources of Additional Supply
• FRBNY securities lending facility– Additional supply limited to 65% of SOMA holdings– Holdings of some securities are small– No auction participation beyond rollovers– Primary mission of portfolio not securities lending
• Large holders– Most securities are already made available– Individually rational reductions in lending during
episodes of chronic fails• Development of a backstop Treasury securities
lending facility– Design to provide additional supply, while not
impeding normal market functioning
Specials Financing
Demand for BorrowingSecurities Increases
Cost of Borrowing Increases
Zero Bound on RPs Limits Cost of Borrowing
Spillover into Fails
Buy-in Rule Triggered
Unable to Enforce Buy-in RuleBecause of Supply Constraints
BUT
21
22
Desirable Outcomes• Facilitate settlement of
cash market transactions• Improve functioning of the
specials market– Do not want to damage
specials market– Promote market pricing
through zero RP rate – Do not want to distort
risk/reward trade-offs
• Strengthen futures market– Promote price convergence
Treasury Constraints• Continue to provide
certainty of supply• Supplier of last resort
– Encourage market-driven solutions to supply-demand imbalances
– Stay out of market unless risk of systemic problems
– Do not want to be perceived as rewarding shorts
Effects of a Treasury Securities Lending Facility
Potential AdditionalSupply
Allows Enforcement ofBuy-in Rule
Encourages Pricing ThroughZero Bound
Encourages Availability of Existing Supply
Already in the Market
Additional Supply Through Securities Lending Facility As Last Resort
23
24
Desired Attributes of a Backstop Securities Lending Facility
• Clarity and confidence of availability – Non-discretionary, standing facility– Unlimited supply, renewable terms
• Discourage use unless market severely stressed– Price set at a penalty rate
• Not designed to address transitory needs– Term greater than overnight needed
25
Example of How a Backstop Securities Lending Facility Could
Work• Treasury Stands Ready to Lend Any
Security at Implied Negative RP Rate• Quantity Unlimited• Borrow for Fixed Term• If Needed, Borrower Could Renew for
Same Term
Specials Market1. Normal Functioning 2. Current Fails Situation
3. Prompt Delivery / Desired Outcome 4. Backstop Securities Lending Facility
Quantity
Interest Rate
0
GC rate
Demand
Supply
Quantity
Interest Rate
0
GC rate
Demand
Supply
Negative RP rates encourage additional supply and curtail demand.
Quantity
Interest Rate
0
GC rate
Demand
Supply
Supply may actually decline at near zero RP rates because of fear of not having the security returned.
Buyers presently have no incentive to reverse in securities at negative RP rates.
26Quantity
Interest Rate
0
GC rate
Market Supply
Implied Floor / Securities Lending Facility Rate
If Demand continues to increase, Treasury stands ready to supply the market with additional securities at the implied floor.
27
Many Questions Would Need to be Answered• Policy
– Eligible participants– Pricing mechanism– Term of loan
• Statutory/Regulatory– Nature of transaction (loan, or sale and buyback)– Authority
• Standing• During Budget Surpluses • Debt Ceiling
– Interaction with buy-in rule– Clarification of tax regulations– Possible legislative changes
• Operational– Institutions to conduct transactions– Collateral arrangements– Accounting
• Systems modifications • Treatment of interest accrual• Treatment of interest payments• Affect on amounts of debt outstanding
Presentation to the U.S. Treasury and the Treasury Borrowing
Advisory Committee
August 2, 2005
Presentation Question: Please discuss the impact of currency movements on the Treasury's cost of borrowing. Are foreign investors exerting significant downward pressures on the Treasury's financing costs or are other forces at work which have limited increases in yields? Main Points:
Currency movements can impact Treasury's cost of borrowing through a lower exchange rate creating more stimulative financial conditions.
Foreign official investors exert downward pressure on Treasury's cost of borrowing through funding the current account deficit. Foreign private and official investors have exhibited a tendency recently of buying longer maturity instruments.
These are just some of the factors limiting the increase in yields; others include:
• A decrease in risk premiums • An increase in the global savings rate • Structural changes in the bond market
However, the impact of some of these factors could wane.
1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006
80
90
100
110
120
130
140
150
160
2
4
6
8
10
12
14
16
18
US Trade-weighted Dollar Index (DXY) 29-Jul-05 89.35US 10 Year Yield 29-Jul-05 4.28
leve
lpercent
Updated 29-Jul-05(cash’dx.cl)
29-Jul-05
89.35
4.28
1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006130
120
110
100
90
80
70
0
2
4
6
8
10
12
14
US Real Trade-weighted Dollar (Inverted and Advanced by 18-months) Dec 06 90.30Core CPI Ann%Chg Jun 05 2.09
leve
lpercent
Updated 1-Aug-05(work’fx_us_real.m.lag)
Dec06
90.30
Jun05
2.09
*Source: A US Investment Bank.
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
0
20
40
60
80
0
20
40
60
80
Total Official Net Purchases of US bonds (treasury,agency and corporate bonds)Total Private Net Purchases of US Bonds (treasury, agency and corporate bonds)
Lev
el
May 05
70.68
57.43
13.25
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 20050
500
1000
1500
2000
2500
3000
3500
4000
0
500
1000
1500
2000
2500
3000
3500
4000
Cummulative Sum of Total Official Net Purchases of US Bonds (treasury,agency and corporate bonds) May 05 887.13Cummulative Sum of Total Private Net Purchases of US Bonds (treasury, agency and corporate bonds) May 05 4151.98
leve
lpercent
Updated 27-Jul-05(work’bond_off_sum)
May 05
887.13
4151.98
Source: Department of Treasury.
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-150
-100
-50
0
50
100
150
200
-150
-100
-50
0
50
100
150
200
One Period MSum:12
US Net portfolio flows - monthly funding requirement (monthly c/a + monthly net FDI)L
evel
Level
Updated 26-Jul-05(work’fund_gap_m)
May 05
-6.13
-72.69
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-200
-150
-100
-50
0
50
100
150
200
-200
-150
-100
-50
0
50
100
150
200
One Period MSum:12
US Net private portfolio flows - monthly funding requirement (monthly c/a + monthly net FDI)
Lev
elL
evel
Updated 26-Jul-05(work’fund_gap_priv)
May 05
-19.33
-230.29
Source: Department of Treasury, Bureau of Economic Analytics.
2000 2001 2002 2003 2004 2005
100
200
300
400
500
600
700
100
200
300
400
500
600
700
Foreign Private Institutions: Holdings of Treasury Bonds (Bil $) May 05 707.31Foreign Private Institutions: Holdings of Treasury Bills (Bil $) May 05 77.90
leve
l US$
May 05
707.31
77.90
2000 2001 2002 2003 2004 2005
200
300
400
500
600
700
800
900
1000
200
300
400
500
600
700
800
900
1000
Foreign Official Institutions: Holdings of US Treasury Bonds (Bil.$) May 05 1012.80Foreign Official Institutions: Holdings of US Treasury Bills (Bil.$) May 05 229.00
US$
US$
Updated 18-Jul-05(haver_usint’fhofftbn)
May 05
1012.80
229.00
Source: Department of Treasury.
Sou
rce:
Dep
artm
ent o
f Tre
asur
y.
Maturity Structure of Foreign Holdings of US Long-Term Debt Total Debt
0
5
10
15
20
One orless
1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 10-15 15-20 Over 20
Year
(%)
Jun-02 Jun-03 Jun-04
Maturity Structure of Foreign Holdings of US Long-Term Debt Treasury
0
5
10
15
20
25
30
One or less 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 10-15 15-20 Over 20
Year
(%)
Maturity Structure of Foreign Holdings of US Long-Term Debt Corporate
02468
10121416
One or less 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 10-15 15-20 Over 20
Year
(%)
Maturity Structure of Foreign Holdings of US Long-Term Debt Agency
0
5
10
15
20
25
One or less 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 10-15 15-20 Over 20
Year
(%)
Source: Department of Treasury.
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
020406080100
120
140
020406080100
120
140
Chi
na C
umm
ulat
ive
Hol
ding
s of
Tre
asur
y B
onds
($
Bil)
M
ay05
1
50.1
9C
hina
Cum
mul
ativ
e H
oldi
ngs
of A
genc
y B
onds
($
Bil)
M
ay05
1
44.5
1C
hina
Cum
mul
ativ
e H
oldi
ngs
of C
orpo
rate
Bon
ds (
$ B
il)
May
05
42.
12
LevelLevel
Upd
ated
27-
Jul-
05(w
ork’
ch_t
rea_
sum
)
May
05
150.
19
144.
51
42.1
2
Sou
rce:
Dep
artm
ent o
f Tre
asur
y.
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
456789
2345678910
US
10-y
ear
Bon
d Y
ield
2
9-Ju
l-05
4
.28
US
10-Y
ear
Fow
ard
1 Y
ear
Rat
e
29-
Jul-
05
5.1
2level
percent
(cas
h’us
10yy
.cl)
29-J
ul-0
5
4.28
5.12
World Gross National Savings Rate (%)
21.0
21.5
22.0
22.5
23.0
23.5
24.0
24.5
25.0
25.5
26.0
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
National Savings as a % of GDPBy Region
10
15
20
25
30
35
40
US Euro Area UK Japan Asia NIEs DevelopingAsia
Middle East
1983-90 Avg 1991-98 Avg 1999 2000 2001 2002 2003 2004
National Investment as a % of GDPBy Region
10
15
20
25
30
35
40
US Euro Area UK Japan Asia NIEs DevelopingAsia
Middle East
1983-90 Avg 1991-98 Avg 1999 2000 2001 2002 2003 2004
Source: IMF World Economic Outlook (April 2005).
Sou
rce:
A U
S In
vest
men
t Ban
k.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
Tre
asur
y T
erm
Pre
miu
mLevel
Level
05Q
2
0.75
Sou
rce:
Fed
eral
Res
erve
Boa
rd. D
eriv
ed fr
om a
thre
e-fa
ctor
arb
itrag
e-fre
e te
rm s
truct
ure
mod
el.
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
1.0
1.5
2.0
2.5
3.0
3.5
1.0
1.5
2.0
2.5
3.0
3.5
OE
CD
Rea
l GD
P 10
-yea
r m
ovin
g st
anda
rd d
evia
tion
0
5:1
0
.98
OE
CD
Con
sum
er P
rice
Inf
latio
n 10
-yea
r m
ovin
g st
anda
rd d
evia
tion
0
5:1
1
.13
levelpercent
Upd
ated
26-
Jul-
05(w
ork’
oecd
_gdp
_msd
)
05:1
0.98
1.13
Sou
rce:
OE
CD
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2468101214
2468101214
US
10-y
ear
Bon
d Y
ield
J
ul 0
5
4.1
6U
S 10
-yea
r In
flat
ion
Exp
ecta
tions
*
Jun
05
2
.50
levelUS$
Upd
ated
27-
Jul-
05(w
ork’
trea
s_m
)
Jul 0
5
4.16
Jun
05
2.50
*Sou
rce:
Fed
eral
Res
erve
boa
rd fo
r dat
a fro
m 1
979
to d
ate.
His
tory
is d
eriv
ed fr
om a
fitte
d m
odel
.
Fixe
d In
com
e Is
suan
ce b
y Se
ctor
in 1
0-Ye
ar n
ote
Equi
vale
nts
(Bill
ions
)
050100
150
200
250
Jan-9
7 Apr-97
Jul-9
7 Oct-97 Ja
n-98 Apr-98
Jul-9
8 Oct-98 Ja
n-99 Apr-99
Jul-9
9 Oct-99 Ja
n-00 Apr-00
Jul-0
0 Oct-00 Ja
n-01 Apr-01
Jul-0
1 Oct-01 Ja
n-02 Apr-02
Jul-0
2 Oct-02 Ja
n-03 Apr-03
Jul-0
3 Oct-03 Ja
n-04 Apr-04
Jul-0
4 Oct-04 Ja
n-05 Apr-05
AB
SM
BS
AG
ENC
YG
OVT
CO
RP
Sou
rce:
A U
S In
vest
men
t Ban
k.
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
050100
150
200
250
300
-100
-5005010
0
150
200
250
300
350
Non
farm
Non
fina
ncia
l Cor
pora
te B
usin
ess:
Fin
anci
ng G
ap (
Adj
uste
d fo
r M
SFT
Div
iden
d, S
AA
R, B
il.$)
Level
05Q
1
119.
32
Sou
rce:
Fed
eral
Res
erve
Boa
rd F
low
of F
unds
M R
esea
rch.
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
-1000
100
200
300
400
500
600
700
0200
400
600
800
1000
1200
1400
1600
1800
2000
One
Per
iod
MSu
m:4
Pens
ion
Fund
, Lif
e In
sura
nce
Com
pani
es a
nd M
utua
l Fun
ds: F
low
s in
to C
redi
t Mar
ket I
nstr
umen
tsLevel
Level
05Q
1
401.
68
1337
.76
Sou
rce:
Fed
eral
Res
erve
Boa
rd F
low
of F
unds
.