Liquidity has entered the chat ...

Hmm SOFR-IORB is still positive though, so there's still tightness in repo. I do think liquidity shortfalls have a few reasons to resolve over the next quarter or two but interesting that the market has been heading up despite repo still being tight.

May just be some calendar effects at play as there was profit taking by funds for year end, as well as some forward looking on markets that float up with expected liquidity.