Federated Investor'​s latest "​Month in Cash" says, "We closed out July with the release of the statement from the July 30-​31 meeting of the Federal Reserve'​s Federal Open Market Committee (​FOMC). As expected, the FOMC indicated the Fed will continue to pursue quantitative easing measures, at least for the time being, at its current pace of $​85 billion per month of Treasury and mortgage-​backed securities.... Repo rates remain in low, low territory, hovering in the one to four basis-​point range. We do expect the Treasury to have some additional financing needs in August that should necessitate the need for some cash management bills in the two-​week to one-​month range, so there could be some (​temporary) relief in the next few weeks with this additional supply in the marketplace. It'​s also likely that the expected announcement from the Fed of the beginning of the end of QE measures, possibly as early as September, will give a boost to both agencies and Treasuries. Rates in the one-​week to one-​month range have been holding up relatively well, in the high teens, so in cases where we can go slightly further out on the yield curve and still maintain liquidity standards, there are some (​slightly) better options."

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