Federated Investors' most recent "Month in Cash" is entitled "The market is starting to do what the Fed has yet to do -- nudge up rates". It says, "Market interest rates moved higher across the cash-yield curve in March as the relative absence of unsettling economic news reinforced growing investor expectations that a Fed rate hike will occur late summer or early fall. Overnight repo rates, which had traded close to 10 basis points earlier in the year, briefly climbed into the low 20s before settling back to the high teens. Farther out the cash curve, the one-month London interbank offered rate (Libor) rose two basis points to 0.25%, three-month Libor climbed four basis points to 0.29%, six-month Libor increased five basis points to 0.44%, and 12-month Libor rose seven basis points to 0.91%. In perhaps the clearest reflection of market expectations, the yield on the U.S. Treasury's two-year note -- the security most sensitive to consensus shifts in the outlook for monetary policy -- climbed 18 basis points to finish the month at 1.04%. That was the highest close on the two-year note since early January, when year-end technical conditions temporarily distorted its yield." See also, the New York Federal Reserve's "Federal Funds Data" page for data on recent Fed funds effective rates.

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