The latest figures from the Federal Reserve Bank of New York (under "Temporary Open Market Operations") show Fed reverse repos totaling $242 billion as of March 31. The site explains, "To implement monetary policy, short-term repurchase and reverse repurchase agreements are used to temporarily affect the size of the Federal Reserve System's portfolio and influence day-to-day trading in the federal funds market." Wells Fargo Securities' Garret Sloan explained Tuesday in his daily commentary, "Participation in the Federal Reserve reverse repo program rose to a record high of $242 billion yesterday, surpassing the previous record of $197 billion that was set on December 31. Participation in the program had declined in early-to-mid March as the increase in Treasury collateral available put upward pressure on repo rates which reduced the demand for the 5 basis point Federal Reserve program. However, the amount of Treasury collateral is beginning to decline as there will be a net pay down this week just shy of $17 billion which should put downward pressure on repo rates. The decline in supply is expected to continue as the Treasury will cut bill sizes as we approach the deadline for the filing and payment of taxes on April 15. The weighted average Treasury repo rate did increase yesterday to 9.9 basis points but now that quarter end is behind us it is expected to fall back to the 6 basis point range as repo is opening this morning at 5-6 bps." Note: Crane Data will release its March 31 Money Fund Portfolio Holdings collection next Tuesday, April 8.

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