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abcp ABCP 220 billion Non Financial CP 286 billion and Bonds 1Yr 352 billion . For year
abil ability to absorb a significant amount of cash from prime MMFs without an increase to the Fed s ON RRP facility
absorb absorb a significant amount of cash from prime MMFs without an increase to the Fed s ON RRP facility
across Across the GSEs our Agency strategists are projecting discount note outstandings to increase by 5bn year
adapt adapt to the presence of fewer investment opportunities . However unlike prior years the contraction in supply
add add Similar to prior years we expect balances for non financial CP to continue to grow
addit additional bill supply is a welcome reprieve following months of reduced net bill issuances. On margin
address address the lack of liquidity in the bills market Treasury s desire to extend the WAM of its debt
addresse address the lack of liquidity in the bills market Treasury s desire to extend the WAM of its debt
adds add Similar to prior years we expect balances for non financial CP to continue to grow
advanc advances which we expect will continue to rise next year Taken together FHLB is on pace
agenc Agencies 972 billion Financials 1.290 trillion which includes 785B in Yankee CDs and 470B in CP ABCP
allow allowing prime MMFs to use some of these assets for liquidity purposes softening some of the decline
also also boost bill yields higher. On Agencies they explain In 2016 much of the factors
altern alternatives . JPM also comments Similar to bank CP CDs ABCP will be subject to the same
although Although daily demand for ON RRP this year has averaged just over 100bn per day we anticipate
amount amount of cash from prime MMFs without an increase to the Fed s ON RRP facility
anoth another year the short term markets will have to adapt to the presence of fewer
anticip anticipate demand at the new higher rate will be several times this W e estimate
appli apply again next year . Across the GSEs our Agency strategists are projecting discount note outstandings
approv approved counterparties relative to the available supply of both Fed ON and Term RRP . We expect
around around 1.6tn and we would expect these balances to hold up next year As for tri party
asset assets or 631bn is invested in bank CP CDs. As a percentage of the market
associ associated outflows will see overall reduced demand from prime MMFs. The good news is that
attempt
attract attract heavy interest from the approved counterparties. Although daily demand for ON RRP this year
avail available supply of both Fed ON and Term RRP . We expect the Fed to raise
averag averaged just over 100bn per day we anticipate demand at the new higher rate will
balanc balance sheets. Instead it will be driven by investors and their demand for these products
bank bank issuers to continue to fund in the money markets. As of October month end roughly
bank bank issuers to continue to fund in the money markets. As of October month end roughly
basi basis . Additionally the removal of credit ratings in Rule 2a 7 will likely encourage non rated
benchmarks
bid bid for government money market assets such as bills discount notes and repo could be so intense
bill bills significantly in 2016 T he additional bill supply is a welcome reprieve following months
billion billion Non Financial CP 286 billion and Bonds 1Yr 352 billion . For year end 2016 they
bond Bonds 1Yr 352 billion . For year end 2016 they estimate these totals to Dealer Repo
boost boost bill yields higher. On Agencies they explain In 2016 much of the factors that
boston Boston . The piece contains a table that shows that Total Money Market Supply ex Fed at year