Stress in US money markets could flare up again and spur the Federal Reserve to take swifter action to tame another burst higher in short-term interest rates, Wall Street banks have warned.
Short-term funding rates have steadied this week after signs of strain late last month in a vital section of the financial system’s plumbing prompted concern among some bankers and policymakers.
The difference between a key market-based rate known as tri-party repo and one set by the Federal Reserve hit its highest level since 2020 last Friday, despite the central bank saying that it would halt a programme to reduce the size of its balance sheet on December 1.
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