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Global markets were mixed during the month, with the 10-Year Treasury recovering from lows of 2.17% to close the month around 2.30%. Risk assets rallied to finish the month in positive territory. Money market rates were largely range bound during the period as market participants looked past disruptions in Treasury bill supply. Technical factors pushed repo rates and supply higher during the month, allowing participation in the Federal Reserve’s (Fed) Reverse Repo facility to drop below well below the year-to-date average daily uptake. In acknowledgement of the significant technical pressures in the market for short duration government securities, we’ve selectively added duration to take advantage of steepness in the money market yield curve, while maintaining a strong liquidity profile to accommodate any unexpected outflows.
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