English
Market News Financial breakfast on June 8: The dollar rose and fell, and the gold price was close to the 200-day moving average, and the US crude oil fluctuated at a high level and waited for the EIA data
Financial breakfast on June 8: The dollar rose and fell, and the gold price was close to the 200-day moving average, and the US crude oil fluctuated at a high level and waited for the EIA data
The U.S. dollar rose and fell overnight, providing gold bulls with a chance to fight back. The World Bank lowered its global growth forecast for this year to 2.9%, warning of the risk of "stagflation", and also provided hedging support for gold prices, which barely held the 200-day moving average; U.S. crude oil fluctuated at a high level, currently trading around $119.62 per barrel. The overnight U.S. crude oil futures settlement price hit a 13-week high, helped by supply concerns, including the lack of a nuclear deal with Iran, and demand growth after Asia eased epidemic restrictions The outlook; this trading day also need to pay attention to the performance of the US EIA crude oil inventory data.
2022-06-08
8887
In early Asian market trading on Wednesday (June 8), spot gold was hovering around 1850. The dollar fell overnight, providing gold bulls with a chance to fight back. The World Bank lowered its global growth forecast for this year to 2.9%, warning of "stagflation". "Risk also provides hedging support for gold prices, helping gold prices hold the 200-day moving average support; US crude oil is fluctuating at a high level, currently trading around US$119.62/barrel. The overnight settlement price of US crude oil futures hit a 13-week high, helped by Supply concerns, including the lack of a nuclear deal with Iran, and the prospect of demand growth after Asia eases coronavirus lockdowns; the performance of U.S. EIA crude oil inventories data will also be watched today.
In commodities , Brent crude futures rose $1.06 to settle at $120.57 a barrel, the highest since May 31, or 0.9%. U.S. crude futures settled up 91 cents at $119.41 a barrel, the highest settlement level since March 8, or 0.8%. U.S. gold futures ended up 0.5 percent at $1,852.10.
At the close of U.S. stocks , the Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33180.14; the S&P 500 rose 39.25 points, or 0.95%, to 4160.68; the Nasdaq rose 113.86 points, or 0.94%, to 12175.23 point.
In terms of events, at 22:00, U.S. Treasury Secretary Yellen testified before the U.S. House Ways and Means Committee to discuss President Biden's 2023 fiscal year budget.
U.S. stocks rose late on Tuesday, closing higher for a second straight session, with technology and energy stocks gaining, but Target's warnings about excess inventories kept retail stocks under pressure for much of the session.
Apple rose 1.8 percent despite earlier news that it has until 2024 to replace the port on iPhones sold in Europe after EU countries and lawmakers agreed to a single charging port for phones, tablets and cameras.
The S&P 500 technology index rose 1 percent, giving the benchmark the biggest boost. Microsoft climbed 1.4 percent. The S&P 500 energy index jumped 3.1 percent to close at its highest level since 2014 as oil prices rose sharply.
Target fell 2.3% after the company said it would have to slash deeper discounts and cut inventory of non-essential items.
In choppy trading on Tuesday, the three major indexes fell in early trade, but the market is rebounding from the latest rout.
Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said: "We've seen a nice rebound lately ... Overall, investors are feeling a lot better now. But the market is still in a tug of war, like we've seen so far this year."
"At some point, the market will bottom and then it will move higher, and it's hard for us to believe that's going to happen anytime soon because there are a lot of fundamental issues hanging over the market," he said. "Certainly, it's not good news out of Target today in terms of consumer goods stocks."
Long-dated U.S. Treasury yields, however, tumbled after the Target news, fueling some speculation that the worst for inflation may be over.
As of the close, the Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33180.14; the S&P 500 rose 39.25 points, or 0.95%, to 4160.68; the Nasdaq rose 113.86 points, or 0.94%, to 12175.23 .
Walmart fell 1.2% and the S&P retail index fell 1%.
Consumer price data due on Friday is expected to show inflation remained elevated in May, although core consumer prices, which exclude food and energy, may have fallen slightly from a year earlier.
Not all retail stocks fell. Kohl's, the department store chain, jumped 9.5% after news that it was in exclusive talks with retail store operator Franchise Group to sell the company in a deal valued at nearly $8 billion.
Gold rose about 0.6% on Tuesday to climb back above 1,850 as the dollar pared some of its gains, while investors braced for U.S. inflation data later in the week for clues on the trajectory of the Federal Reserve's rate hikes. U.S. gold futures ended up 0.5 percent at $1,852.10.
The dollar index fell from highs, boosting gold's appeal to overseas buyers.
Bob Haberkorn, senior market strategist at RJO Futures, attributed gold's gains to bargain hunting after falling below $1,850 and the dollar retreating slightly.
Haberkorn added, “But the market knows that gold appears to have limited upside right now, and it’s going to wait to see how aggressive the Fed will be or if they will issue any new announcements.”
Investors awaited Friday's inflation data for clues on the Fed's rate hike trajectory, with them expected to raise rates by half a percentage point at its June 14-15 monetary policy meeting.
Although gold is considered a hedge against inflation, raising interest rates is still a potential headwind as it would lead to a higher opportunity cost of holding non-yielding gold.
Oil prices rose about 1 percent on Tuesday, with U.S. crude futures settling at their highest in 13 weeks, helped by supply concerns, including the lack of a nuclear deal with Iran and the prospect of demand growth in Asia as coronavirus lockdowns eased.
Analysts polled expected U.S. crude inventories to fall last week. This could further support oil prices.
Robert Yawger, executive director of Mizuho Energy Futures, said "several numbers" in the EIA report were near record lows, including probable U.S. crude inventories, crude inventories at Cushing, Oklahoma, and crude inventories at the Strategic Petroleum Reserve (SPR). .
Brent crude futures rose $1.06 to settle at $120.57 a barrel, their highest since May 31, or 0.9%. U.S. crude futures settled up 91 cents at $119.41 a barrel, the highest settlement level since March 8, or 0.8%.
The U.S. says Iran's demands to lift sanctions have hindered progress in restarting the 2015 nuclear deal. Analysts said a deal could increase global oil supply by 1 million barrels per day.
The EIA expects both U.S. crude oil production and oil demand to rise in 2022.
Expectations of a recovery in Chinese demand also supported oil prices. After two months of lockdown, Beijing and Shanghai are gradually returning to normal.
In addition, analysts are skeptical that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the OPEC+ alliance, will be able to ease supply constraints by raising output targets.
Goldman Sachs raised its Brent price forecast for the second half of 2022 to the first half of next year by $10 to $135 a barrel, citing unresolved structural supply shortages.
The U.S. dollar index rose and fell on Tuesday, hitting a new intraday high of 102.84 in nearly two weeks, but later gave up all gains and closed at 102.34. Wall Street stocks recovered earlier losses. People are increasingly hopeful that inflation may have peaked, but the dollar against the yen hit a 20-year high.
Target's decline capped gains in U.S. stocks, but some investors took the retailer's profit warning as a sign that price pressures on consumers may be starting to ease.
Yields on longer-dated U.S. Treasuries also eased as slowing inflation threatens to slow the Fed's rate-hike plans, hitting a 3-1/2-week high overnight on worries the central bank will continue to aggressively raise rates to fight inflation.
Thomas Martin, senior portfolio manager at Globalt Investments, said: “The market is pricing in the expectation that the Fed will deliver on almost everything it promises, but having said that, people are starting to realise that inflation may have peaked and may start to fall back.”
"Retailers are facing a build-up of inventory and will see some price declines, so U.S. yields have stalled, at least at current levels."
Investors will pay close attention to the latest inflation data due to the release of the U.S. consumer price index (CPI) for May.
The euro climbed 0.14% to $1.0709.
After hitting a near 20-year high of 105.01 on May 13, the U.S. dollar index has retreated to around 102, but Friday's strong jobs report helped the greenback post its first weekly gain in three weeks.
USD/JPY hit a new high of 132.99 since April 3, 2002. USD/JPY has been strengthening due to differences in the policy paths of the US and Japan central banks.
Bank of Japan Governor Haruhiko Kuroda reiterated his view on Tuesday that a weaker yen is good for Japan's economy if the yen moves less violently.
In late New York trading, the dollar rose 0.55% against the yen to close at 132.59, and the pound against the dollar closed at 1.2589, an increase of about 0.5%.
Sterling fell to its lowest level in nearly three weeks against the dollar. British Prime Minister Boris Johnson narrowly passed a confidence vote yesterday, weakening his political standing.
The Australian dollar was up 0.5% at $0.730. The Reserve Bank of Australia (RBA) stunned markets after announcing its biggest rate hike in 22 years and signalling further policy tightening as it struggles to rein in sharply rising inflation.
Investors will focus on Thursday's European Central Bank meeting and the Federal Reserve's policy announcement next week.
U.S. Treasury Secretary Yellen calls U.S. inflation “unacceptable” and may remain high to help curb inflationary pressures. Inflation is likely to remain high, she added, but she is hopeful that price increases will slow soon.
② Yellen said that it is almost impossible for the United States to insulate itself from shocks in the oil market, such as the shock caused by Russia's invasion of Ukraine, so it is very important to switch to renewable energy.
③ Yellen also said that the United States is in "very active" discussions with European countries, with the goal of limiting the income Russia can get from selling oil.
API crude oil inventories unexpectedly increased in the week to June 3 in the United States , is expected to increase by 567,000 barrels; gasoline inventories increased by 1.821 million barrels, is expected to increase by 283,000 barrels.
Syrian and Russian Air Forces Hold Joint Military Exercise
On June 7, local time, the Syrian Air Force and the Russian Air Force held a joint military exercise. During the exercise, Syrian fighter jets, under the cover of Russian fighter jets, locked onto enemy fighter jets and destroyed them, and for the first time practiced hitting air targets at night. In addition, Syrian and Russian warplanes conducted joint patrols, patrolling Syria's southern, eastern and northern airspace, as well as airspace near the Golan Heights. It is reported that Russian Su-35, Su-34, Su-24M fighter jets and Syrian MiG-23M and MiG-29 fighter jets participated in the exercise.
U.S. trade deficit fell by the most in nearly 9-1/2 years in April, may give a boost to second-quarter growth , reversing a surge in March, suggesting trade may be returning to a more normal pattern. Exports jumped to a record high, putting trade on track to contribute to economic growth in the second quarter. The government also revised trade data for several years, which could lead to an upward revision to first-quarter GDP.
World Bank cuts global growth forecast for this year to 2.9%, warns of risks of 'stagflation' Many countries are likely to face recession, and the global economy may be entering a "prolonged period of weak growth and rising inflation". World Bank President Malpass said that global economic growth is being hit by war, Asia's epidemic prevention and control, supply chain disruptions and the risk of stagflation.
The fierce street fighting in the northeastern city of Ukrainian continues, and Zelensky says he will recover all the territory
Ukrainian President Zelensky said that Ukraine will fight to recover all the territory occupied by the Russian army, while the Ukrainian army is still in the north Struggling to defend positions in brutal street fighting in Donetsk. Moscow said the Russian army had been advancing. Russian Defense Minister Sergei Shoigu said the Russian-occupied Ukrainian ports of Berdyansk and Mariupol are ready to resume grain exports.
Russia boosts oil exports from key eastern port to help offset EU ban
Russia is increasing oil exports from its main eastern port of Kozmino by about a fifth to meet a surge in Asian buyers, three people familiar with the matter told Reuters demand and offset the impact of EU sanctions. The additional supply will allow Kozmino to increase its total shipments to about 900,000 bpd in the next few months, the sources said, with an average of about 750,000 bpd so far this year. Shipments of Kozmino in 2021 are around 720,000 bpd.
Musk pauses seeking new financing for Twitter acquisition due to uncertainty over deal Efforts have been suspended. Musk has been threatening to pull out of the deal unless Twitter provides data to back up its estimate that fake or spam accounts make up less than 5 percent of its user base. The moratorium on fundraising was the first clear sign that Musk’s threats were interfering with steps that would help close the deal. So far, Twitter has insisted that Musk has been fulfilling his contractual obligations, including helping the deal get regulatory approval.
The use of the Fed's overnight reverse repo facility surged to a record high ① As investors were still looking for places to put short-term cash, the Fed's use of overnight reverse repo facilities once again reached an all-time high.
②98 participants conducted reverse repurchase operations totaling $2.091 trillion, the previous high was $2.045 trillion on May 23. Tuesday's figure was $51.3 billion higher than the previous session.
③ As the U.S. tax action magnified the supply and demand imbalance in the Treasury bill market, money funds continued to pour into the Fed's credit facilities. Despite the Fed raising interest rates and shrinking its balance sheet this month, the Fed's reverse repurchase arrangement remains a safe haven in a market flooded with safe-haven funds.
④ Even if financial conditions tighten, these imbalances are unlikely to disappear anytime soon. Fed officials have said demand for such tools is likely to increase after a rate hike, given that money market funds are likely to transmit the impact of rising rates faster than banks. This is because banks raise interest rates on deposits by a lower margin, which stimulates the flow of funds to the money market. Wall Street strategists at Barclays and Wrightson ICAP estimate the balance of overnight reverse repos could hit $2.5 trillion in the coming months.
In commodities , Brent crude futures rose $1.06 to settle at $120.57 a barrel, the highest since May 31, or 0.9%. U.S. crude futures settled up 91 cents at $119.41 a barrel, the highest settlement level since March 8, or 0.8%. U.S. gold futures ended up 0.5 percent at $1,852.10.
At the close of U.S. stocks , the Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33180.14; the S&P 500 rose 39.25 points, or 0.95%, to 4160.68; the Nasdaq rose 113.86 points, or 0.94%, to 12175.23 point.
Wednesday Preview
In terms of events, at 22:00, U.S. Treasury Secretary Yellen testified before the U.S. House Ways and Means Committee to discuss President Biden's 2023 fiscal year budget.
List of major global market conditions
U.S. stocks rose late on Tuesday, closing higher for a second straight session, with technology and energy stocks gaining, but Target's warnings about excess inventories kept retail stocks under pressure for much of the session.
Apple rose 1.8 percent despite earlier news that it has until 2024 to replace the port on iPhones sold in Europe after EU countries and lawmakers agreed to a single charging port for phones, tablets and cameras.
The S&P 500 technology index rose 1 percent, giving the benchmark the biggest boost. Microsoft climbed 1.4 percent. The S&P 500 energy index jumped 3.1 percent to close at its highest level since 2014 as oil prices rose sharply.
Target fell 2.3% after the company said it would have to slash deeper discounts and cut inventory of non-essential items.
In choppy trading on Tuesday, the three major indexes fell in early trade, but the market is rebounding from the latest rout.
Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said: "We've seen a nice rebound lately ... Overall, investors are feeling a lot better now. But the market is still in a tug of war, like we've seen so far this year."
"At some point, the market will bottom and then it will move higher, and it's hard for us to believe that's going to happen anytime soon because there are a lot of fundamental issues hanging over the market," he said. "Certainly, it's not good news out of Target today in terms of consumer goods stocks."
Long-dated U.S. Treasury yields, however, tumbled after the Target news, fueling some speculation that the worst for inflation may be over.
As of the close, the Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33180.14; the S&P 500 rose 39.25 points, or 0.95%, to 4160.68; the Nasdaq rose 113.86 points, or 0.94%, to 12175.23 .
Walmart fell 1.2% and the S&P retail index fell 1%.
Consumer price data due on Friday is expected to show inflation remained elevated in May, although core consumer prices, which exclude food and energy, may have fallen slightly from a year earlier.
Not all retail stocks fell. Kohl's, the department store chain, jumped 9.5% after news that it was in exclusive talks with retail store operator Franchise Group to sell the company in a deal valued at nearly $8 billion.
precious metal
Gold rose about 0.6% on Tuesday to climb back above 1,850 as the dollar pared some of its gains, while investors braced for U.S. inflation data later in the week for clues on the trajectory of the Federal Reserve's rate hikes. U.S. gold futures ended up 0.5 percent at $1,852.10.
The dollar index fell from highs, boosting gold's appeal to overseas buyers.
Bob Haberkorn, senior market strategist at RJO Futures, attributed gold's gains to bargain hunting after falling below $1,850 and the dollar retreating slightly.
Haberkorn added, “But the market knows that gold appears to have limited upside right now, and it’s going to wait to see how aggressive the Fed will be or if they will issue any new announcements.”
Investors awaited Friday's inflation data for clues on the Fed's rate hike trajectory, with them expected to raise rates by half a percentage point at its June 14-15 monetary policy meeting.
Although gold is considered a hedge against inflation, raising interest rates is still a potential headwind as it would lead to a higher opportunity cost of holding non-yielding gold.
crude
Oil prices rose about 1 percent on Tuesday, with U.S. crude futures settling at their highest in 13 weeks, helped by supply concerns, including the lack of a nuclear deal with Iran and the prospect of demand growth in Asia as coronavirus lockdowns eased.
Analysts polled expected U.S. crude inventories to fall last week. This could further support oil prices.
Robert Yawger, executive director of Mizuho Energy Futures, said "several numbers" in the EIA report were near record lows, including probable U.S. crude inventories, crude inventories at Cushing, Oklahoma, and crude inventories at the Strategic Petroleum Reserve (SPR). .
Brent crude futures rose $1.06 to settle at $120.57 a barrel, their highest since May 31, or 0.9%. U.S. crude futures settled up 91 cents at $119.41 a barrel, the highest settlement level since March 8, or 0.8%.
The U.S. says Iran's demands to lift sanctions have hindered progress in restarting the 2015 nuclear deal. Analysts said a deal could increase global oil supply by 1 million barrels per day.
The EIA expects both U.S. crude oil production and oil demand to rise in 2022.
Expectations of a recovery in Chinese demand also supported oil prices. After two months of lockdown, Beijing and Shanghai are gradually returning to normal.
In addition, analysts are skeptical that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the OPEC+ alliance, will be able to ease supply constraints by raising output targets.
Goldman Sachs raised its Brent price forecast for the second half of 2022 to the first half of next year by $10 to $135 a barrel, citing unresolved structural supply shortages.
foreign exchange
The U.S. dollar index rose and fell on Tuesday, hitting a new intraday high of 102.84 in nearly two weeks, but later gave up all gains and closed at 102.34. Wall Street stocks recovered earlier losses. People are increasingly hopeful that inflation may have peaked, but the dollar against the yen hit a 20-year high.
Target's decline capped gains in U.S. stocks, but some investors took the retailer's profit warning as a sign that price pressures on consumers may be starting to ease.
Yields on longer-dated U.S. Treasuries also eased as slowing inflation threatens to slow the Fed's rate-hike plans, hitting a 3-1/2-week high overnight on worries the central bank will continue to aggressively raise rates to fight inflation.
Thomas Martin, senior portfolio manager at Globalt Investments, said: “The market is pricing in the expectation that the Fed will deliver on almost everything it promises, but having said that, people are starting to realise that inflation may have peaked and may start to fall back.”
"Retailers are facing a build-up of inventory and will see some price declines, so U.S. yields have stalled, at least at current levels."
Investors will pay close attention to the latest inflation data due to the release of the U.S. consumer price index (CPI) for May.
The euro climbed 0.14% to $1.0709.
After hitting a near 20-year high of 105.01 on May 13, the U.S. dollar index has retreated to around 102, but Friday's strong jobs report helped the greenback post its first weekly gain in three weeks.
USD/JPY hit a new high of 132.99 since April 3, 2002. USD/JPY has been strengthening due to differences in the policy paths of the US and Japan central banks.
Bank of Japan Governor Haruhiko Kuroda reiterated his view on Tuesday that a weaker yen is good for Japan's economy if the yen moves less violently.
In late New York trading, the dollar rose 0.55% against the yen to close at 132.59, and the pound against the dollar closed at 1.2589, an increase of about 0.5%.
Sterling fell to its lowest level in nearly three weeks against the dollar. British Prime Minister Boris Johnson narrowly passed a confidence vote yesterday, weakening his political standing.
The Australian dollar was up 0.5% at $0.730. The Reserve Bank of Australia (RBA) stunned markets after announcing its biggest rate hike in 22 years and signalling further policy tightening as it struggles to rein in sharply rising inflation.
Investors will focus on Thursday's European Central Bank meeting and the Federal Reserve's policy announcement next week.
international news
U.S. Treasury Secretary Yellen calls U.S. inflation “unacceptable” and may remain high to help curb inflationary pressures. Inflation is likely to remain high, she added, but she is hopeful that price increases will slow soon.
② Yellen said that it is almost impossible for the United States to insulate itself from shocks in the oil market, such as the shock caused by Russia's invasion of Ukraine, so it is very important to switch to renewable energy.
③ Yellen also said that the United States is in "very active" discussions with European countries, with the goal of limiting the income Russia can get from selling oil.
API crude oil inventories unexpectedly increased in the week to June 3 in the United States , is expected to increase by 567,000 barrels; gasoline inventories increased by 1.821 million barrels, is expected to increase by 283,000 barrels.
Syrian and Russian Air Forces Hold Joint Military Exercise
On June 7, local time, the Syrian Air Force and the Russian Air Force held a joint military exercise. During the exercise, Syrian fighter jets, under the cover of Russian fighter jets, locked onto enemy fighter jets and destroyed them, and for the first time practiced hitting air targets at night. In addition, Syrian and Russian warplanes conducted joint patrols, patrolling Syria's southern, eastern and northern airspace, as well as airspace near the Golan Heights. It is reported that Russian Su-35, Su-34, Su-24M fighter jets and Syrian MiG-23M and MiG-29 fighter jets participated in the exercise.
U.S. trade deficit fell by the most in nearly 9-1/2 years in April, may give a boost to second-quarter growth , reversing a surge in March, suggesting trade may be returning to a more normal pattern. Exports jumped to a record high, putting trade on track to contribute to economic growth in the second quarter. The government also revised trade data for several years, which could lead to an upward revision to first-quarter GDP.
World Bank cuts global growth forecast for this year to 2.9%, warns of risks of 'stagflation' Many countries are likely to face recession, and the global economy may be entering a "prolonged period of weak growth and rising inflation". World Bank President Malpass said that global economic growth is being hit by war, Asia's epidemic prevention and control, supply chain disruptions and the risk of stagflation.
The fierce street fighting in the northeastern city of Ukrainian continues, and Zelensky says he will recover all the territory
Ukrainian President Zelensky said that Ukraine will fight to recover all the territory occupied by the Russian army, while the Ukrainian army is still in the north Struggling to defend positions in brutal street fighting in Donetsk. Moscow said the Russian army had been advancing. Russian Defense Minister Sergei Shoigu said the Russian-occupied Ukrainian ports of Berdyansk and Mariupol are ready to resume grain exports.
Russia boosts oil exports from key eastern port to help offset EU ban
Russia is increasing oil exports from its main eastern port of Kozmino by about a fifth to meet a surge in Asian buyers, three people familiar with the matter told Reuters demand and offset the impact of EU sanctions. The additional supply will allow Kozmino to increase its total shipments to about 900,000 bpd in the next few months, the sources said, with an average of about 750,000 bpd so far this year. Shipments of Kozmino in 2021 are around 720,000 bpd.
Musk pauses seeking new financing for Twitter acquisition due to uncertainty over deal Efforts have been suspended. Musk has been threatening to pull out of the deal unless Twitter provides data to back up its estimate that fake or spam accounts make up less than 5 percent of its user base. The moratorium on fundraising was the first clear sign that Musk’s threats were interfering with steps that would help close the deal. So far, Twitter has insisted that Musk has been fulfilling his contractual obligations, including helping the deal get regulatory approval.
The use of the Fed's overnight reverse repo facility surged to a record high ① As investors were still looking for places to put short-term cash, the Fed's use of overnight reverse repo facilities once again reached an all-time high.
②98 participants conducted reverse repurchase operations totaling $2.091 trillion, the previous high was $2.045 trillion on May 23. Tuesday's figure was $51.3 billion higher than the previous session.
③ As the U.S. tax action magnified the supply and demand imbalance in the Treasury bill market, money funds continued to pour into the Fed's credit facilities. Despite the Fed raising interest rates and shrinking its balance sheet this month, the Fed's reverse repurchase arrangement remains a safe haven in a market flooded with safe-haven funds.
④ Even if financial conditions tighten, these imbalances are unlikely to disappear anytime soon. Fed officials have said demand for such tools is likely to increase after a rate hike, given that money market funds are likely to transmit the impact of rising rates faster than banks. This is because banks raise interest rates on deposits by a lower margin, which stimulates the flow of funds to the money market. Wall Street strategists at Barclays and Wrightson ICAP estimate the balance of overnight reverse repos could hit $2.5 trillion in the coming months.
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