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Morning Edition · Monday, September 28, 2026Published at 1:43 AM EDT · New York
A $202 Billion Treasury Settlement Lands on September 30 With Funding Markets Still Calm
Coupon supply hits the quarter-end date when bank balance sheets are least willing to absorb it, and overnight repo rates are the first place strain would appear.
Around $202 billion of United States Treasury coupon issuance settles on September 30, the final day of the quarter. Settlement drains cash from buyers into the Treasury's account, and quarter-end is when dealers shrink balance sheets for r…
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Dollar Liquidity Sets Crypto's Direction
Bank reserve levels and Treasury cash management increasingly determine crypto price direction more than crypto-native flows, tying digital assets to the same funding cycle as leveraged equities.
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