What I'm watching... 👀

The Federal Funds Effective Rate (FFER) has been set at 5.33% since August 2023.

It will almost certainly be lower by the end of the day.

The FFER heavily influences short-term T-bill rates, as well as the amount and flow of money utilizing Overnight Reverse Repurchase Agreements... which is a significant component of US Net Liquidity.

#macro