“Borrowing from the Fed's bank term funding program has increased to new highs in recent weeks, a strange consequence of the market's flip to forecasting multiple Fed rate cuts over the coming 12 months. The rate banks pay to use the program is tied to future interest-rate expectations. Now that investors have priced in a series of rate cuts this year, banks are able to pocket the difference between what they pay to borrow the funds and what they can earn from parking the funds at the Fed as overnight deposits.”
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