This morning, The Wall Street Journal writes "Hints of Improvement Are Seen In Short-Term Money Markets", saying, "Short-term funding markets have tentatively perked up Friday, with the Federal Reserve's first Treasury swap auction prompting small signs of improvement."

The Journal quotes Carl Lantz of Credit Suisse, "The take-away is, we can rule out the worst case scenario that there's real disaster in funding markets.... [B]ut we can't really say that we're out of the woods yet." It adds that `repo rates have rebounded and quarter-end pressures will soon abate.

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