Accessible Version
The Fed Funds Market During the Quantitative Tightening of 2017-19, Accessible Data
Figure 1. Month-End Changes in EFFR
Basis Points
| Date | Month-End Change in EFFR |
|---|---|
| 1/29/2016 | -9 |
| 2/29/2016 | -8 |
| 3/31/2016 | -12 |
| 4/29/2016 | -7 |
| 5/31/2016 | -8 |
| 6/30/2016 | -11 |
| 7/29/2016 | -10 |
| 8/31/2016 | -10 |
| 9/30/2016 | -11 |
| 10/31/2016 | -10 |
| 11/30/2016 | -10 |
| 12/30/2016 | -11 |
| 1/31/2017 | -10 |
| 2/28/2017 | -9 |
| 3/31/2017 | -9 |
| 4/28/2017 | -8 |
| 5/31/2017 | -8 |
| 6/30/2017 | -10 |
| 7/31/2017 | -9 |
| 8/31/2017 | -9 |
| 9/29/2017 | -10 |
| 10/31/2017 | -9 |
| 11/30/2017 | -9 |
| 12/29/2017 | -9 |
| 1/31/2018 | -8 |
| 2/28/2018 | -7 |
| 3/30/2018 | -1 |
| 4/30/2018 | -1 |
| 5/31/2018 | 0 |
| 6/29/2018 | 0 |
| 7/31/2018 | 0 |
| 8/31/2018 | -1 |
| 9/28/2018 | 0 |
| 10/31/2018 | 0 |
| 11/30/2018 | 0 |
| 12/31/2018 | 0 |
| 1/31/2019 | 0 |
| 2/28/2019 | 0 |
| 3/29/2019 | 2 |
| 4/30/2019 | 0 |
| 5/31/2019 | 1 |
| 6/28/2019 | 2 |
| 7/31/2019 | 1 |
| 8/30/2019 | 1 |
| 9/30/2019 | 7 |
| 11/29/2019 | 1 |
| 12/31/2019 | 0 |
Note: Change in EFFR from the business day prior to month end.
Source: Federal Reserve Bank of New York, Effective Funds Rate (EFFR).
Figure 2. Change in Fed Funds Borrowing Volumes on Month Ends
$Billions
| Date | Banks That Regularly Reduced Borrowing | Other Borrowers |
|---|---|---|
| 1/29/2016 | -2.6 | 11.7 |
| 2/29/2016 | -2.1 | -8.0 |
| 3/31/2016 | -13.4 | -8.2 |
| 4/29/2016 | -4.3 | 0.3 |
| 5/31/2016 | -7.0 | -2.6 |
| 6/30/2016 | -12.3 | -2.9 |
| 7/29/2016 | -4.6 | 4.2 |
| 8/31/2016 | -0.6 | -2.8 |
| 9/30/2016 | -14.6 | 5.3 |
| 10/31/2016 | -7.6 | 3.7 |
| 11/30/2016 | -3.8 | -0.1 |
| 12/30/2016 | -13.9 | -12.4 |
| 1/31/2017 | -4.9 | 6.2 |
| 2/28/2017 | -6.1 | 7.1 |
| 3/31/2017 | -13.8 | 7.5 |
| 4/28/2017 | -2.6 | -2.7 |
| 5/31/2017 | -3.3 | -1.6 |
| 6/30/2017 | -14.5 | -0.4 |
| 7/31/2017 | -4.0 | -3.5 |
| 8/31/2017 | -6.6 | 2.4 |
| 9/29/2017 | -16.7 | 3.4 |
| 10/31/2017 | -7.4 | 9.0 |
| 11/30/2017 | -8.5 | 1.8 |
| 12/29/2017 | -13.0 | -6.7 |
| 1/31/2018 | -5.1 | 16.8 |
| 2/28/2018 | -5.6 | 6.3 |
| 3/30/2018 | -6.3 | 10.7 |
| 4/30/2018 | -2.4 | -0.9 |
| 5/31/2018 | -3.0 | 4.9 |
| 6/29/2018 | -13.6 | 17.0 |
| 7/31/2018 | -3.1 | -5.0 |
| 8/31/2018 | 4.5 | 6.6 |
| 9/28/2018 | -10.2 | 4.1 |
| 10/31/2018 | -4.7 | 3.9 |
| 11/30/2018 | 0.0 | 6.9 |
| 12/31/2018 | -9.7 | -5.1 |
| 1/31/2019 | -5.0 | 8.6 |
| 2/28/2019 | -5.7 | 0.2 |
| 3/29/2019 | -3.0 | -0.2 |
| 4/30/2019 | 1.5 | 6.4 |
| 5/31/2019 | -3.4 | 6.0 |
| 6/28/2019 | -7.7 | 5.9 |
| 7/31/2019 | 0.8 | -1.5 |
| 8/30/2019 | -2.8 | 6.0 |
| 9/30/2019 | -9.8 | -19.0 |
| 10/31/2019 | 3.5 | -4.5 |
| 11/29/2019 | -2.3 | 6.4 |
| 12/31/2019 | -8.4 | -10.8 |
Source: Federal Reserve Board, Report of Selected Money Market Rates (FR2420) and author calculations.
Figure 3. EFFR and TGCR Spreads to IORB
Basis Points
| EFFR-IORB | TGCR-IORB | |
|---|---|---|
| 1/1/2016 | -30 | -18 |
| 1/4/2016 | -14 | -20 |
| 1/5/2016 | -14 | -20 |
| 1/6/2016 | -14 | -20 |
| 1/7/2016 | -14 | -20 |
| 1/8/2016 | -14 | -20 |
| 1/11/2016 | -14 | -20 |
| 1/12/2016 | -14 | -21 |
| 1/13/2016 | -14 | -21 |
| 1/14/2016 | -14 | -21 |
| 1/15/2016 | -14 | -20 |
| 1/18/2016 | -14 | -20 |
| 1/19/2016 | -14 | -21 |
| 1/20/2016 | -13 | -20 |
| 1/21/2016 | -13 | -19 |
| 1/22/2016 | -12 | -16 |
| 1/25/2016 | -12 | -18 |
| 1/26/2016 | -12 | -19 |
| 1/27/2016 | -12 | -20 |
| 1/28/2016 | -12 | -18 |
| 1/29/2016 | -21 | -16 |
| 2/1/2016 | -12 | -20 |
| 2/2/2016 | -12 | -19 |
| 2/3/2016 | -12 | -19 |
| 2/4/2016 | -12 | -18 |
| 2/5/2016 | -12 | -18 |
| 2/8/2016 | -12 | -19 |
| 2/9/2016 | -12 | -19 |
| 2/10/2016 | -12 | -19 |
| 2/11/2016 | -12 | -18 |
| 2/12/2016 | -12 | -19 |
| 2/15/2016 | -12 | -19 |
| 2/16/2016 | -12 | -18 |
| 2/17/2016 | -13 | -19 |
| 2/18/2016 | -12 | -20 |
| 2/19/2016 | -12 | -20 |
| 2/22/2016 | -12 | -21 |
| 2/23/2016 | -12 | -22 |
| 2/24/2016 | -12 | -19 |
| 2/25/2016 | -13 | -20 |
| 2/26/2016 | -13 | -22 |
| 2/29/2016 | -21 | -20 |
| 3/1/2016 | -14 | -22 |
| 3/2/2016 | -13 | -22 |
| 3/3/2016 | -13 | -21 |
| 3/4/2016 | -14 | -21 |
| 3/7/2016 | -14 | -22 |
| 3/8/2016 | -14 | -22 |
| 3/9/2016 | -14 | -22 |
| 3/10/2016 | -14 | -20 |
| 3/11/2016 | -14 | -20 |
| 3/14/2016 | -14 | -20 |
| 3/15/2016 | -13 | -19 |
| 3/16/2016 | -13 | -20 |
| 3/17/2016 | -13 | -20 |
| 3/18/2016 | -13 | -22 |
| 3/21/2016 | -13 | -23 |
| 3/22/2016 | -13 | -24 |
| 3/23/2016 | -13 | -23 |
| 3/24/2016 | -13 | -19 |
| 3/25/2016 | -13 | -19 |
| 3/28/2016 | -13 | -19 |
| 3/29/2016 | -13 | -19 |
| 3/30/2016 | -13 | -22 |
| 3/31/2016 | -25 | -20 |
| 4/1/2016 | -13 | -20 |
| 4/4/2016 | -13 | -20 |
| 4/5/2016 | -13 | -21 |
| 4/6/2016 | -13 | -21 |
| 4/7/2016 | -13 | -21 |
| 4/8/2016 | -13 | -21 |
| 4/11/2016 | -13 | -20 |
| 4/12/2016 | -13 | -21 |
| 4/13/2016 | -13 | -20 |
| 4/14/2016 | -13 | -20 |
| 4/15/2016 | -13 | -20 |
| 4/18/2016 | -13 | -21 |
| 4/19/2016 | -13 | -23 |
| 4/20/2016 | -13 | -23 |
| 4/21/2016 | -13 | -24 |
| 4/22/2016 | -13 | -21 |
| 4/25/2016 | -13 | -22 |
| 4/26/2016 | -13 | -23 |
| 4/27/2016 | -13 | -23 |
| 4/28/2016 | -13 | -24 |
| 4/29/2016 | -20 | -22 |
| 5/2/2016 | -13 | -23 |
| 5/3/2016 | -13 | -22 |
| 5/4/2016 | -13 | -22 |
| 5/5/2016 | -13 | -21 |
| 5/6/2016 | -13 | -20 |
| 5/9/2016 | -13 | -21 |
| 5/10/2016 | -13 | -21 |
| 5/11/2016 | -13 | -21 |
| 5/12/2016 | -13 | -21 |
| 5/13/2016 | -13 | -21 |
| 5/16/2016 | -13 | -20 |
| 5/17/2016 | -13 | -21 |
| 5/18/2016 | -13 | -22 |
| 5/19/2016 | -13 | -23 |
| 5/20/2016 | -13 | -24 |
| 5/23/2016 | -13 | -24 |
| 5/24/2016 | -13 | -22 |
| 5/25/2016 | -13 | -23 |
| 5/26/2016 | -13 | -24 |
| 5/27/2016 | -13 | -24 |
| 5/30/2016 | -13 | -24 |
| 5/31/2016 | -21 | -21 |
| 6/1/2016 | -13 | -22 |
| 6/2/2016 | -13 | -22 |
| 6/3/2016 | -13 | -22 |
| 6/6/2016 | -13 | -22 |
| 6/7/2016 | -13 | -21 |
| 6/8/2016 | -13 | -20 |
| 6/9/2016 | -13 | -20 |
| 6/10/2016 | -13 | -18 |
| 6/13/2016 | -13 | -18 |
| 6/14/2016 | -13 | -18 |
| 6/15/2016 | -13 | -17 |
| 6/16/2016 | -12 | -17 |
| 6/17/2016 | -12 | -19 |
| 6/20/2016 | -12 | -18 |
| 6/21/2016 | -12 | -18 |
| 6/22/2016 | -12 | -17 |
| 6/23/2016 | -11 | -15 |
| 6/24/2016 | -10 | -4 |
| 6/27/2016 | -9 | -7 |
| 6/28/2016 | -9 | -8 |
| 6/29/2016 | -9 | -12 |
| 6/30/2016 | -20 | -10 |
| 7/1/2016 | -9 | -14 |
| 7/4/2016 | -9 | -14 |
| 7/5/2016 | -10 | -18 |
| 7/6/2016 | -10 | -18 |
| 7/7/2016 | -10 | -18 |
| 7/8/2016 | -10 | -17 |
| 7/11/2016 | -10 | -18 |
| 7/12/2016 | -10 | -19 |
| 7/13/2016 | -10 | -19 |
| 7/14/2016 | -10 | -18 |
| 7/15/2016 | -10 | -18 |
| 7/18/2016 | -10 | -20 |
| 7/19/2016 | -10 | -22 |
| 7/20/2016 | -10 | -22 |
| 7/21/2016 | -10 | -21 |
| 7/22/2016 | -10 | -19 |
| 7/25/2016 | -10 | -19 |
| 7/26/2016 | -10 | -20 |
| 7/27/2016 | -10 | -20 |
| 7/28/2016 | -10 | -20 |
| 7/29/2016 | -20 | -17 |
| 8/1/2016 | -10 | -18 |
| 8/2/2016 | -10 | -18 |
| 8/3/2016 | -10 | -18 |
| 8/4/2016 | -10 | -17 |
| 8/5/2016 | -10 | -17 |
| 8/8/2016 | -10 | -18 |
| 8/9/2016 | -10 | -19 |
| 8/10/2016 | -10 | -19 |
| 8/11/2016 | -10 | -18 |
| 8/12/2016 | -10 | -18 |
| 8/15/2016 | -10 | -17 |
| 8/16/2016 | -10 | -17 |
| 8/17/2016 | -10 | -18 |
| 8/18/2016 | -10 | -18 |
| 8/19/2016 | -10 | -19 |
| 8/22/2016 | -10 | -20 |
| 8/23/2016 | -10 | -22 |
| 8/24/2016 | -10 | -20 |
| 8/25/2016 | -10 | -20 |
| 8/26/2016 | -10 | -19 |
| 8/29/2016 | -10 | -20 |
| 8/30/2016 | -10 | -20 |
| 8/31/2016 | -20 | -18 |
| 9/1/2016 | -10 | -18 |
| 9/2/2016 | -10 | -19 |
| 9/5/2016 | -10 | -19 |
| 9/6/2016 | -10 | -20 |
| 9/7/2016 | -10 | -20 |
| 9/8/2016 | -10 | -19 |
| 9/9/2016 | -10 | -17 |
| 9/12/2016 | -10 | -18 |
| 9/13/2016 | -10 | -18 |
| 9/14/2016 | -10 | -18 |
| 9/15/2016 | -10 | -17 |
| 9/16/2016 | -10 | -19 |
| 9/19/2016 | -10 | -22 |
| 9/20/2016 | -10 | -22 |
| 9/21/2016 | -10 | -22 |
| 9/22/2016 | -10 | -21 |
| 9/23/2016 | -10 | -19 |
| 9/26/2016 | -10 | -19 |
| 9/27/2016 | -10 | -13 |
| 9/28/2016 | -10 | -10 |
| 9/29/2016 | -10 | -8 |
| 9/30/2016 | -21 | -3 |
| 10/3/2016 | -10 | -16 |
| 10/4/2016 | -10 | -12 |
| 10/5/2016 | -10 | -13 |
| 10/6/2016 | -10 | -15 |
| 10/7/2016 | -10 | -18 |
| 10/10/2016 | -10 | -18 |
| 10/11/2016 | -9 | -19 |
| 10/12/2016 | -9 | -17 |
| 10/13/2016 | -9 | -16 |
| 10/14/2016 | -9 | -19 |
| 10/17/2016 | -9 | -18 |
| 10/18/2016 | -9 | -21 |
| 10/19/2016 | -9 | -22 |
| 10/20/2016 | -9 | -21 |
| 10/21/2016 | -9 | -23 |
| 10/24/2016 | -9 | -20 |
| 10/25/2016 | -9 | -21 |
| 10/26/2016 | -9 | -19 |
| 10/27/2016 | -9 | -18 |
| 10/28/2016 | -9 | -21 |
| 10/31/2016 | -19 | -18 |
| 11/1/2016 | -9 | -21 |
| 11/2/2016 | -9 | -22 |
| 11/3/2016 | -9 | -19 |
| 11/4/2016 | -9 | -20 |
| 11/7/2016 | -9 | -21 |
| 11/8/2016 | -9 | -21 |
| 11/9/2016 | -9 | -20 |
| 11/10/2016 | -9 | -18 |
| 11/11/2016 | -9 | -18 |
| 11/14/2016 | -9 | -20 |
| 11/15/2016 | -9 | -20 |
| 11/16/2016 | -9 | -22 |
| 11/17/2016 | -9 | -23 |
| 11/18/2016 | -9 | -24 |
| 11/21/2016 | -9 | -24 |
| 11/22/2016 | -9 | -25 |
| 11/23/2016 | -9 | -24 |
| 11/24/2016 | -9 | -24 |
| 11/25/2016 | -9 | -24 |
| 11/28/2016 | -9 | -24 |
| 11/29/2016 | -9 | -24 |
| 11/30/2016 | -19 | -24 |
| 12/1/2016 | -9 | -24 |
| 12/2/2016 | -9 | -24 |
| 12/5/2016 | -9 | -24 |
| 12/6/2016 | -9 | -24 |
| 12/7/2016 | -9 | -24 |
| 12/8/2016 | -9 | -24 |
| 12/9/2016 | -9 | -21 |
| 12/12/2016 | -9 | -21 |
| 12/13/2016 | -9 | -23 |
| 12/14/2016 | -9 | -24 |
| 12/15/2016 | -9 | -25 |
| 12/16/2016 | -9 | -24 |
| 12/19/2016 | -9 | -24 |
| 12/20/2016 | -9 | -25 |
| 12/21/2016 | -9 | -26 |
| 12/22/2016 | -9 | -26 |
| 12/23/2016 | -9 | -25 |
| 12/26/2016 | -9 | -25 |
| 12/27/2016 | -9 | -23 |
| 12/28/2016 | -9 | -21 |
| 12/29/2016 | -9 | -24 |
| 12/30/2016 | -20 | -25 |
| 1/2/2017 | -20 | -25 |
| 1/3/2017 | -9 | -25 |
| 1/4/2017 | -9 | -21 |
| 1/5/2017 | -9 | -23 |
| 1/6/2017 | -9 | -23 |
| 1/9/2017 | -9 | -24 |
| 1/10/2017 | -9 | -25 |
| 1/11/2017 | -9 | -24 |
| 1/12/2017 | -9 | -23 |
| 1/13/2017 | -9 | -22 |
| 1/16/2017 | -9 | -22 |
| 1/17/2017 | -9 | -21 |
| 1/18/2017 | -9 | -20 |
| 1/19/2017 | -9 | -23 |
| 1/20/2017 | -9 | -24 |
| 1/23/2017 | -9 | -25 |
| 1/24/2017 | -9 | -23 |
| 1/25/2017 | -9 | -23 |
| 1/26/2017 | -9 | -23 |
| 1/27/2017 | -9 | -23 |
| 1/30/2017 | -9 | -23 |
| 1/31/2017 | -19 | -21 |
| 2/1/2017 | -9 | -22 |
| 2/2/2017 | -9 | -23 |
| 2/3/2017 | -9 | -23 |
| 2/6/2017 | -9 | -23 |
| 2/7/2017 | -9 | -24 |
| 2/8/2017 | -9 | -24 |
| 2/9/2017 | -9 | -22 |
| 2/10/2017 | -9 | -23 |
| 2/13/2017 | -9 | -24 |
| 2/14/2017 | -9 | -24 |
| 2/15/2017 | -9 | -22 |
| 2/16/2017 | -9 | -24 |
| 2/17/2017 | -9 | -24 |
| 2/20/2017 | -9 | -24 |
| 2/21/2017 | -9 | -25 |
| 2/22/2017 | -9 | -25 |
| 2/23/2017 | -9 | -25 |
| 2/24/2017 | -9 | -24 |
| 2/27/2017 | -9 | -25 |
| 2/28/2017 | -18 | -23 |
| 3/1/2017 | -9 | -25 |
| 3/2/2017 | -9 | -25 |
| 3/3/2017 | -9 | -24 |
| 3/6/2017 | -9 | -24 |
| 3/7/2017 | -9 | -25 |
| 3/8/2017 | -9 | -25 |
| 3/9/2017 | -9 | -25 |
| 3/10/2017 | -9 | -25 |
| 3/13/2017 | -9 | -25 |
| 3/14/2017 | -9 | -23 |
| 3/15/2017 | -9 | -23 |
| 3/16/2017 | -9 | -24 |
| 3/17/2017 | -9 | -25 |
| 3/20/2017 | -9 | -25 |
| 3/21/2017 | -9 | -25 |
| 3/22/2017 | -9 | -25 |
| 3/23/2017 | -9 | -24 |
| 3/24/2017 | -9 | -23 |
| 3/27/2017 | -9 | -24 |
| 3/28/2017 | -9 | -24 |
| 3/29/2017 | -9 | -24 |
| 3/30/2017 | -9 | -23 |
| 3/31/2017 | -18 | -20 |
| 4/3/2017 | -9 | -24 |
| 4/4/2017 | -9 | -24 |
| 4/5/2017 | -9 | -23 |
| 4/6/2017 | -9 | -22 |
| 4/7/2017 | -9 | -22 |
| 4/10/2017 | -9 | -22 |
| 4/11/2017 | -9 | -23 |
| 4/12/2017 | -9 | -23 |
| 4/13/2017 | -9 | -20 |
| 4/14/2017 | -9 | -20 |
| 4/17/2017 | -9 | -19 |
| 4/18/2017 | -9 | -20 |
| 4/19/2017 | -9 | -23 |
| 4/20/2017 | -9 | -24 |
| 4/21/2017 | -9 | -24 |
| 4/24/2017 | -9 | -23 |
| 4/25/2017 | -9 | -23 |
| 4/26/2017 | -9 | -23 |
| 4/27/2017 | -9 | -22 |
| 4/28/2017 | -17 | -19 |
| 5/1/2017 | -9 | -22 |
| 5/2/2017 | -9 | -23 |
| 5/3/2017 | -9 | -24 |
| 5/4/2017 | -9 | -23 |
| 5/5/2017 | -9 | -22 |
| 5/8/2017 | -9 | -23 |
| 5/9/2017 | -9 | -24 |
| 5/10/2017 | -9 | -24 |
| 5/11/2017 | -9 | -23 |
| 5/12/2017 | -9 | -24 |
| 5/15/2017 | -9 | -23 |
| 5/16/2017 | -9 | -24 |
| 5/17/2017 | -9 | -24 |
| 5/18/2017 | -9 | -23 |
| 5/19/2017 | -9 | -24 |
| 5/22/2017 | -9 | -24 |
| 5/23/2017 | -9 | -24 |
| 5/24/2017 | -9 | -23 |
| 5/25/2017 | -9 | -22 |
| 5/26/2017 | -9 | -21 |
| 5/29/2017 | -9 | -21 |
| 5/30/2017 | -9 | -22 |
| 5/31/2017 | -17 | -20 |
| 6/1/2017 | -9 | -20 |
| 6/2/2017 | -9 | -21 |
| 6/5/2017 | -9 | -21 |
| 6/6/2017 | -9 | -21 |
| 6/7/2017 | -9 | -21 |
| 6/8/2017 | -9 | -20 |
| 6/9/2017 | -9 | -19 |
| 6/12/2017 | -9 | -19 |
| 6/13/2017 | -9 | -18 |
| 6/14/2017 | -9 | -17 |
| 6/15/2017 | -9 | -17 |
| 6/16/2017 | -9 | -17 |
| 6/19/2017 | -9 | -20 |
| 6/20/2017 | -9 | -22 |
| 6/21/2017 | -9 | -24 |
| 6/22/2017 | -9 | -24 |
| 6/23/2017 | -9 | -21 |
| 6/26/2017 | -9 | -22 |
| 6/27/2017 | -9 | -22 |
| 6/28/2017 | -9 | -22 |
| 6/29/2017 | -9 | -21 |
| 6/30/2017 | -19 | -16 |
| 7/3/2017 | -9 | -20 |
| 7/4/2017 | -9 | -20 |
| 7/5/2017 | -9 | -22 |
| 7/6/2017 | -9 | -23 |
| 7/7/2017 | -9 | -24 |
| 7/10/2017 | -9 | -24 |
| 7/11/2017 | -9 | -24 |
| 7/12/2017 | -9 | -24 |
| 7/13/2017 | -9 | -24 |
| 7/14/2017 | -9 | -24 |
| 7/17/2017 | -9 | -22 |
| 7/18/2017 | -9 | -23 |
| 7/19/2017 | -9 | -24 |
| 7/20/2017 | -9 | -23 |
| 7/21/2017 | -9 | -24 |
| 7/24/2017 | -9 | -22 |
| 7/25/2017 | -9 | -22 |
| 7/26/2017 | -9 | -23 |
| 7/27/2017 | -9 | -22 |
| 7/28/2017 | -9 | -23 |
| 7/31/2017 | -18 | -21 |
| 8/1/2017 | -9 | -23 |
| 8/2/2017 | -9 | -24 |
| 8/3/2017 | -9 | -24 |
| 8/4/2017 | -9 | -24 |
| 8/7/2017 | -9 | -24 |
| 8/8/2017 | -9 | -24 |
| 8/9/2017 | -9 | -24 |
| 8/10/2017 | -9 | -23 |
| 8/11/2017 | -9 | -22 |
| 8/14/2017 | -9 | -22 |
| 8/15/2017 | -9 | -20 |
| 8/16/2017 | -9 | -22 |
| 8/17/2017 | -9 | -22 |
| 8/18/2017 | -9 | -22 |
| 8/21/2017 | -9 | -23 |
| 8/22/2017 | -9 | -24 |
| 8/23/2017 | -9 | -24 |
| 8/24/2017 | -9 | -21 |
| 8/25/2017 | -9 | -22 |
| 8/28/2017 | -9 | -22 |
| 8/29/2017 | -9 | -23 |
| 8/30/2017 | -9 | -23 |
| 8/31/2017 | -18 | -19 |
| 9/1/2017 | -9 | -21 |
| 9/4/2017 | -9 | -21 |
| 9/5/2017 | -9 | -22 |
| 9/6/2017 | -9 | -23 |
| 9/7/2017 | -9 | -23 |
| 9/8/2017 | -9 | -23 |
| 9/11/2017 | -9 | -23 |
| 9/12/2017 | -9 | -23 |
| 9/13/2017 | -9 | -22 |
| 9/14/2017 | -9 | -21 |
| 9/15/2017 | -9 | -21 |
| 9/18/2017 | -9 | -23 |
| 9/19/2017 | -9 | -24 |
| 9/20/2017 | -9 | -24 |
| 9/21/2017 | -9 | -24 |
| 9/22/2017 | -9 | -23 |
| 9/25/2017 | -9 | -24 |
| 9/26/2017 | -9 | -24 |
| 9/27/2017 | -9 | -24 |
| 9/28/2017 | -9 | -24 |
| 9/29/2017 | -19 | -20 |
| 10/2/2017 | -9 | -23 |
| 10/3/2017 | -9 | -24 |
| 10/4/2017 | -9 | -24 |
| 10/5/2017 | -9 | -23 |
| 10/6/2017 | -9 | -23 |
| 10/9/2017 | -9 | -23 |
| 10/10/2017 | -9 | -23 |
| 10/11/2017 | -9 | -23 |
| 10/12/2017 | -9 | -23 |
| 10/13/2017 | -9 | -24 |
| 10/16/2017 | -9 | -22 |
| 10/17/2017 | -9 | -22 |
| 10/18/2017 | -9 | -22 |
| 10/19/2017 | -9 | -22 |
| 10/20/2017 | -9 | -21 |
| 10/23/2017 | -9 | -21 |
| 10/24/2017 | -9 | -21 |
| 10/25/2017 | -9 | -22 |
| 10/26/2017 | -9 | -21 |
| 10/27/2017 | -9 | -22 |
| 10/30/2017 | -9 | -23 |
| 10/31/2017 | -18 | -20 |
| 11/1/2017 | -9 | -22 |
| 11/2/2017 | -9 | -21 |
| 11/3/2017 | -9 | -21 |
| 11/6/2017 | -9 | -22 |
| 11/7/2017 | -9 | -22 |
| 11/8/2017 | -9 | -22 |
| 11/9/2017 | -9 | -21 |
| 11/10/2017 | -9 | -21 |
| 11/13/2017 | -9 | -21 |
| 11/14/2017 | -9 | -21 |
| 11/15/2017 | -9 | -18 |
| 11/16/2017 | -9 | -17 |
| 11/17/2017 | -9 | -19 |
| 11/20/2017 | -9 | -20 |
| 11/21/2017 | -9 | -22 |
| 11/22/2017 | -9 | -22 |
| 11/23/2017 | -9 | -22 |
| 11/24/2017 | -9 | -20 |
| 11/27/2017 | -9 | -21 |
| 11/28/2017 | -9 | -22 |
| 11/29/2017 | -9 | -24 |
| 11/30/2017 | -18 | -22 |
| 12/1/2017 | -9 | -23 |
| 12/4/2017 | -9 | -24 |
| 12/5/2017 | -9 | -22 |
| 12/6/2017 | -9 | -21 |
| 12/7/2017 | -9 | -21 |
| 12/8/2017 | -9 | -23 |
| 12/11/2017 | -9 | -23 |
| 12/12/2017 | -8 | -23 |
| 12/13/2017 | -8 | -22 |
| 12/14/2017 | -9 | -22 |
| 12/15/2017 | -9 | -20 |
| 12/18/2017 | -8 | -20 |
| 12/19/2017 | -8 | -20 |
| 12/20/2017 | -8 | -20 |
| 12/21/2017 | -8 | -18 |
| 12/22/2017 | -8 | -17 |
| 12/25/2017 | -8 | -17 |
| 12/26/2017 | -8 | -17 |
| 12/27/2017 | -8 | -17 |
| 12/28/2017 | -8 | -17 |
| 12/29/2017 | -17 | -12 |
| 1/1/2018 | -17 | -12 |
| 1/2/2018 | -8 | -16 |
| 1/3/2018 | -8 | -16 |
| 1/4/2018 | -8 | -15 |
| 1/5/2018 | -8 | -20 |
| 1/8/2018 | -8 | -21 |
| 1/9/2018 | -8 | -23 |
| 1/10/2018 | -8 | -24 |
| 1/11/2018 | -8 | -22 |
| 1/12/2018 | -8 | -20 |
| 1/15/2018 | -8 | -20 |
| 1/16/2018 | -8 | -17 |
| 1/17/2018 | -8 | -19 |
| 1/18/2018 | -8 | -21 |
| 1/19/2018 | -8 | -22 |
| 1/22/2018 | -8 | -23 |
| 1/23/2018 | -8 | -23 |
| 1/24/2018 | -8 | -20 |
| 1/25/2018 | -8 | -20 |
| 1/26/2018 | -8 | -20 |
| 1/29/2018 | -8 | -21 |
| 1/30/2018 | -8 | -21 |
| 1/31/2018 | -16 | -16 |
| 2/1/2018 | -8 | -21 |
| 2/2/2018 | -8 | -21 |
| 2/5/2018 | -8 | -21 |
| 2/6/2018 | -8 | -23 |
| 2/7/2018 | -8 | -23 |
| 2/8/2018 | -8 | -21 |
| 2/9/2018 | -8 | -21 |
| 2/12/2018 | -8 | -22 |
| 2/13/2018 | -8 | -21 |
| 2/14/2018 | -8 | -22 |
| 2/15/2018 | -8 | -16 |
| 2/16/2018 | -8 | -16 |
| 2/19/2018 | -8 | -16 |
| 2/20/2018 | -8 | -18 |
| 2/21/2018 | -8 | -20 |
| 2/22/2018 | -8 | -18 |
| 2/23/2018 | -8 | -17 |
| 2/26/2018 | -8 | -18 |
| 2/27/2018 | -8 | -17 |
| 2/28/2018 | -15 | -14 |
| 3/1/2018 | -8 | -12 |
| 3/2/2018 | -8 | -12 |
| 3/5/2018 | -8 | -12 |
| 3/6/2018 | -8 | -12 |
| 3/7/2018 | -8 | -12 |
| 3/8/2018 | -8 | -9 |
| 3/9/2018 | -8 | -10 |
| 3/12/2018 | -8 | -10 |
| 3/13/2018 | -8 | -10 |
| 3/14/2018 | -8 | -10 |
| 3/15/2018 | -7 | 0 |
| 3/16/2018 | -7 | -3 |
| 3/19/2018 | -7 | -5 |
| 3/20/2018 | -6 | -3 |
| 3/21/2018 | -6 | -3 |
| 3/22/2018 | -7 | -11 |
| 3/23/2018 | -7 | -7 |
| 3/26/2018 | -7 | -5 |
| 3/27/2018 | -7 | -5 |
| 3/28/2018 | -7 | -5 |
| 3/29/2018 | -7 | 4 |
| 3/30/2018 | -8 | 4 |
| 4/2/2018 | -7 | 2 |
| 4/3/2018 | -6 | 6 |
| 4/4/2018 | -6 | -5 |
| 4/5/2018 | -6 | -5 |
| 4/6/2018 | -6 | -5 |
| 4/9/2018 | -6 | -5 |
| 4/10/2018 | -6 | -5 |
| 4/11/2018 | -6 | -5 |
| 4/12/2018 | -6 | -7 |
| 4/13/2018 | -6 | -7 |
| 4/16/2018 | -6 | -5 |
| 4/17/2018 | -6 | -5 |
| 4/18/2018 | -6 | -6 |
| 4/19/2018 | -6 | -8 |
| 4/20/2018 | -5 | -8 |
| 4/23/2018 | -5 | -8 |
| 4/24/2018 | -5 | -7 |
| 4/25/2018 | -5 | -8 |
| 4/26/2018 | -5 | -8 |
| 4/27/2018 | -5 | -7 |
| 4/30/2018 | -6 | -4 |
| 5/1/2018 | -5 | -5 |
| 5/2/2018 | -5 | -5 |
| 5/3/2018 | -5 | -5 |
| 5/4/2018 | -5 | -7 |
| 5/7/2018 | -5 | -8 |
| 5/8/2018 | -5 | -7 |
| 5/9/2018 | -5 | -7 |
| 5/10/2018 | -5 | -6 |
| 5/11/2018 | -5 | -5 |
| 5/14/2018 | -5 | -5 |
| 5/15/2018 | -5 | -2 |
| 5/16/2018 | -5 | -5 |
| 5/17/2018 | -5 | -4 |
| 5/18/2018 | -5 | -6 |
| 5/21/2018 | -5 | -9 |
| 5/22/2018 | -5 | -12 |
| 5/23/2018 | -5 | -12 |
| 5/24/2018 | -5 | -4 |
| 5/25/2018 | -5 | -5 |
| 5/28/2018 | -5 | -5 |
| 5/29/2018 | -5 | -5 |
| 5/30/2018 | -5 | -5 |
| 5/31/2018 | -5 | 3 |
| 6/1/2018 | -5 | 2 |
| 6/4/2018 | -5 | 1 |
| 6/5/2018 | -5 | -3 |
| 6/6/2018 | -5 | -5 |
| 6/7/2018 | -5 | -6 |
| 6/8/2018 | -5 | -8 |
| 6/11/2018 | -5 | -9 |
| 6/12/2018 | -5 | -10 |
| 6/13/2018 | -5 | -7 |
| 6/14/2018 | -5 | -8 |
| 6/15/2018 | -5 | -8 |
| 6/18/2018 | -5 | -10 |
| 6/19/2018 | -4 | -11 |
| 6/20/2018 | -3 | -12 |
| 6/21/2018 | -3 | -12 |
| 6/22/2018 | -3 | -5 |
| 6/25/2018 | -3 | -6 |
| 6/26/2018 | -3 | -6 |
| 6/27/2018 | -4 | -7 |
| 6/28/2018 | -4 | -5 |
| 6/29/2018 | -4 | 15 |
| 7/2/2018 | -4 | 5 |
| 7/3/2018 | -4 | 2 |
| 7/4/2018 | -4 | 2 |
| 7/5/2018 | -4 | 0 |
| 7/6/2018 | -4 | -5 |
| 7/9/2018 | -4 | -8 |
| 7/10/2018 | -4 | -8 |
| 7/11/2018 | -4 | -9 |
| 7/12/2018 | -4 | -8 |
| 7/13/2018 | -4 | -8 |
| 7/16/2018 | -4 | -3 |
| 7/17/2018 | -4 | -5 |
| 7/18/2018 | -4 | -8 |
| 7/19/2018 | -4 | -7 |
| 7/20/2018 | -4 | -9 |
| 7/23/2018 | -4 | -9 |
| 7/24/2018 | -4 | -6 |
| 7/25/2018 | -4 | -9 |
| 7/26/2018 | -4 | -6 |
| 7/27/2018 | -4 | -8 |
| 7/30/2018 | -4 | -9 |
| 7/31/2018 | -4 | -4 |
| 8/1/2018 | -4 | -9 |
| 8/2/2018 | -4 | -5 |
| 8/3/2018 | -4 | -12 |
| 8/6/2018 | -4 | -11 |
| 8/7/2018 | -4 | -9 |
| 8/8/2018 | -4 | -8 |
| 8/9/2018 | -4 | -5 |
| 8/10/2018 | -4 | -8 |
| 8/13/2018 | -4 | -6 |
| 8/14/2018 | -4 | -4 |
| 8/15/2018 | -4 | 2 |
| 8/16/2018 | -3 | 3 |
| 8/17/2018 | -3 | -5 |
| 8/20/2018 | -3 | -6 |
| 8/21/2018 | -3 | -7 |
| 8/22/2018 | -3 | -6 |
| 8/23/2018 | -3 | -3 |
| 8/24/2018 | -3 | -1 |
| 8/27/2018 | -3 | -1 |
| 8/28/2018 | -3 | -1 |
| 8/29/2018 | -3 | -3 |
| 8/30/2018 | -3 | -3 |
| 8/31/2018 | -4 | 0 |
| 9/3/2018 | -4 | 0 |
| 9/4/2018 | -3 | -2 |
| 9/5/2018 | -3 | -2 |
| 9/6/2018 | -3 | -4 |
| 9/7/2018 | -3 | -4 |
| 9/10/2018 | -3 | -3 |
| 9/11/2018 | -3 | -3 |
| 9/12/2018 | -3 | -3 |
| 9/13/2018 | -3 | -4 |
| 9/14/2018 | -3 | -4 |
| 9/17/2018 | -3 | 2 |
| 9/18/2018 | -3 | -4 |
| 9/19/2018 | -3 | -5 |
| 9/20/2018 | -3 | -5 |
| 9/21/2018 | -3 | -5 |
| 9/24/2018 | -2 | -1 |
| 9/25/2018 | -2 | -4 |
| 9/26/2018 | -2 | -4 |
| 9/27/2018 | -2 | -5 |
| 9/28/2018 | -2 | 4 |
| 10/1/2018 | -2 | 0 |
| 10/2/2018 | -2 | -2 |
| 10/3/2018 | -2 | -2 |
| 10/4/2018 | -2 | -3 |
| 10/5/2018 | -2 | -6 |
| 10/8/2018 | -2 | -6 |
| 10/9/2018 | -2 | -7 |
| 10/10/2018 | -2 | -6 |
| 10/11/2018 | -2 | -4 |
| 10/12/2018 | -2 | -4 |
| 10/15/2018 | -2 | -1 |
| 10/16/2018 | -2 | -3 |
| 10/17/2018 | -1 | -3 |
| 10/18/2018 | -1 | -2 |
| 10/19/2018 | -1 | -3 |
| 10/22/2018 | -1 | -3 |
| 10/23/2018 | 0 | -5 |
| 10/24/2018 | 0 | -4 |
| 10/25/2018 | 0 | -3 |
| 10/26/2018 | 0 | -3 |
| 10/29/2018 | 0 | -3 |
| 10/30/2018 | 0 | -3 |
| 10/31/2018 | 0 | -1 |
| 11/1/2018 | 0 | 0 |
| 11/2/2018 | -1 | 4 |
| 11/5/2018 | 0 | 3 |
| 11/6/2018 | 0 | 2 |
| 11/7/2018 | 0 | -4 |
| 11/8/2018 | 0 | 0 |
| 11/9/2018 | -1 | -1 |
| 11/12/2018 | -1 | -1 |
| 11/13/2018 | 0 | -3 |
| 11/14/2018 | 0 | -3 |
| 11/15/2018 | 0 | 6 |
| 11/16/2018 | 0 | 5 |
| 11/19/2018 | 0 | 2 |
| 11/20/2018 | 0 | -2 |
| 11/21/2018 | 0 | -3 |
| 11/22/2018 | 0 | -3 |
| 11/23/2018 | 0 | 2 |
| 11/26/2018 | 0 | -2 |
| 11/27/2018 | 0 | -3 |
| 11/28/2018 | 0 | -1 |
| 11/29/2018 | 0 | 3 |
| 11/30/2018 | 0 | 7 |
| 12/3/2018 | -1 | 2 |
| 12/4/2018 | 0 | 3 |
| 12/5/2018 | 0 | 3 |
| 12/6/2018 | 0 | 11 |
| 12/7/2018 | -1 | 8 |
| 12/10/2018 | 0 | 0 |
| 12/11/2018 | -1 | -3 |
| 12/12/2018 | -1 | -3 |
| 12/13/2018 | -1 | -2 |
| 12/14/2018 | -1 | -1 |
| 12/17/2018 | 0 | 8 |
| 12/18/2018 | 0 | 10 |
| 12/19/2018 | 0 | 9 |
| 12/20/2018 | 0 | 0 |
| 12/21/2018 | 0 | -1 |
| 12/24/2018 | 0 | 1 |
| 12/25/2018 | 0 | 1 |
| 12/26/2018 | 0 | 3 |
| 12/27/2018 | 0 | 3 |
| 12/28/2018 | 0 | 5 |
| 12/31/2018 | 0 | 55 |
| 1/1/2019 | 0 | 55 |
| 1/2/2019 | 0 | 70 |
| 1/3/2019 | 0 | 30 |
| 1/4/2019 | 0 | 3 |
| 1/7/2019 | 0 | -2 |
| 1/8/2019 | 0 | 0 |
| 1/9/2019 | 0 | 4 |
| 1/10/2019 | 0 | 1 |
| 1/11/2019 | 0 | -2 |
| 1/14/2019 | 0 | -2 |
| 1/15/2019 | 0 | 1 |
| 1/16/2019 | 0 | -3 |
| 1/17/2019 | 0 | -3 |
| 1/18/2019 | 0 | -3 |
| 1/21/2019 | 0 | -3 |
| 1/22/2019 | 0 | -3 |
| 1/23/2019 | 0 | -2 |
| 1/24/2019 | 0 | 0 |
| 1/25/2019 | 0 | -2 |
| 1/28/2019 | 0 | -3 |
| 1/29/2019 | 0 | -3 |
| 1/30/2019 | 0 | -4 |
| 1/31/2019 | 0 | 15 |
| 2/1/2019 | 0 | 4 |
| 2/4/2019 | 0 | -2 |
| 2/5/2019 | 0 | -3 |
| 2/6/2019 | 0 | -5 |
| 2/7/2019 | 0 | -4 |
| 2/8/2019 | 0 | -5 |
| 2/11/2019 | 0 | 0 |
| 2/12/2019 | 0 | -4 |
| 2/13/2019 | 0 | -4 |
| 2/14/2019 | 0 | -4 |
| 2/15/2019 | 0 | 1 |
| 2/18/2019 | 0 | 1 |
| 2/19/2019 | 0 | -3 |
| 2/20/2019 | 0 | -3 |
| 2/21/2019 | 0 | -3 |
| 2/22/2019 | 0 | -3 |
| 2/25/2019 | 0 | -3 |
| 2/26/2019 | 0 | -3 |
| 2/27/2019 | 0 | -3 |
| 2/28/2019 | 0 | 15 |
| 3/1/2019 | 0 | -4 |
| 3/4/2019 | 0 | -4 |
| 3/5/2019 | 0 | -4 |
| 3/6/2019 | 0 | -4 |
| 3/7/2019 | 0 | -3 |
| 3/8/2019 | 0 | -4 |
| 3/11/2019 | 0 | -4 |
| 3/12/2019 | 0 | -3 |
| 3/13/2019 | 0 | -2 |
| 3/14/2019 | 0 | -1 |
| 3/15/2019 | 0 | 3 |
| 3/18/2019 | 0 | -2 |
| 3/19/2019 | 0 | 0 |
| 3/20/2019 | 1 | 6 |
| 3/21/2019 | 1 | 2 |
| 3/22/2019 | 1 | -2 |
| 3/25/2019 | 0 | -3 |
| 3/26/2019 | 0 | -3 |
| 3/27/2019 | 1 | -2 |
| 3/28/2019 | 1 | 2 |
| 3/29/2019 | 3 | 18 |
| 4/1/2019 | 1 | 1 |
| 4/2/2019 | 1 | 3 |
| 4/3/2019 | 1 | 3 |
| 4/4/2019 | 1 | 3 |
| 4/5/2019 | 1 | 3 |
| 4/8/2019 | 1 | 3 |
| 4/9/2019 | 1 | 2 |
| 4/10/2019 | 1 | 2 |
| 4/11/2019 | 1 | 0 |
| 4/12/2019 | 1 | 0 |
| 4/15/2019 | 1 | 3 |
| 4/16/2019 | 1 | 3 |
| 4/17/2019 | 2 | 7 |
| 4/18/2019 | 3 | 6 |
| 4/19/2019 | 4 | 6 |
| 4/22/2019 | 4 | 3 |
| 4/23/2019 | 4 | 5 |
| 4/24/2019 | 4 | 1 |
| 4/25/2019 | 4 | 1 |
| 4/26/2019 | 4 | 5 |
| 4/29/2019 | 5 | 6 |
| 4/30/2019 | 5 | 35 |
| 5/1/2019 | 5 | 10 |
| 5/2/2019 | 6 | 11 |
| 5/3/2019 | 5 | 6 |
| 5/6/2019 | 5 | 5 |
| 5/7/2019 | 5 | 6 |
| 5/8/2019 | 4 | 5 |
| 5/9/2019 | 3 | 3 |
| 5/10/2019 | 3 | 1 |
| 5/13/2019 | 3 | 0 |
| 5/14/2019 | 3 | 1 |
| 5/15/2019 | 5 | 10 |
| 5/16/2019 | 4 | 5 |
| 5/17/2019 | 4 | 4 |
| 5/20/2019 | 4 | 1 |
| 5/21/2019 | 4 | 1 |
| 5/22/2019 | 3 | -1 |
| 5/23/2019 | 3 | -1 |
| 5/24/2019 | 3 | -1 |
| 5/27/2019 | 3 | -1 |
| 5/28/2019 | 4 | 3 |
| 5/29/2019 | 4 | 4 |
| 5/30/2019 | 4 | 4 |
| 5/31/2019 | 5 | 13 |
| 6/3/2019 | 3 | 2 |
| 6/4/2019 | 3 | 1 |
| 6/5/2019 | 3 | 1 |
| 6/6/2019 | 2 | 2 |
| 6/7/2019 | 2 | 2 |
| 6/10/2019 | 2 | 2 |
| 6/11/2019 | 2 | 1 |
| 6/12/2019 | 2 | 1 |
| 6/13/2019 | 2 | -1 |
| 6/14/2019 | 1 | -3 |
| 6/17/2019 | 3 | 3 |
| 6/18/2019 | 2 | 1 |
| 6/19/2019 | 2 | -1 |
| 6/20/2019 | 2 | -2 |
| 6/21/2019 | 3 | 0 |
| 6/24/2019 | 3 | 3 |
| 6/25/2019 | 3 | 5 |
| 6/26/2019 | 3 | 8 |
| 6/27/2019 | 3 | 5 |
| 6/28/2019 | 5 | 15 |
| 7/1/2019 | 4 | 3 |
| 7/2/2019 | 5 | 14 |
| 7/3/2019 | 6 | 20 |
| 7/4/2019 | 6 | 20 |
| 7/5/2019 | 7 | 23 |
| 7/8/2019 | 6 | 11 |
| 7/9/2019 | 6 | 10 |
| 7/10/2019 | 6 | 10 |
| 7/11/2019 | 5 | 5 |
| 7/12/2019 | 3 | -1 |
| 7/15/2019 | 5 | 8 |
| 7/16/2019 | 6 | 9 |
| 7/17/2019 | 6 | 10 |
| 7/18/2019 | 6 | 9 |
| 7/19/2019 | 6 | 5 |
| 7/22/2019 | 5 | 3 |
| 7/23/2019 | 5 | 3 |
| 7/24/2019 | 5 | 5 |
| 7/25/2019 | 5 | 6 |
| 7/26/2019 | 5 | 5 |
| 7/29/2019 | 5 | 4 |
| 7/30/2019 | 4 | 3 |
| 7/31/2019 | 5 | 18 |
| 8/1/2019 | 4 | 9 |
| 8/2/2019 | 4 | 8 |
| 8/5/2019 | 3 | 2 |
| 8/6/2019 | 3 | 0 |
| 8/7/2019 | 2 | -1 |
| 8/8/2019 | 2 | -3 |
| 8/9/2019 | 2 | 0 |
| 8/12/2019 | 2 | 1 |
| 8/13/2019 | 2 | 6 |
| 8/14/2019 | 2 | 2 |
| 8/15/2019 | 3 | 7 |
| 8/16/2019 | 3 | 2 |
| 8/19/2019 | 3 | 0 |
| 8/20/2019 | 3 | 2 |
| 8/21/2019 | 2 | -2 |
| 8/22/2019 | 2 | -3 |
| 8/23/2019 | 2 | -3 |
| 8/26/2019 | 2 | -2 |
| 8/27/2019 | 2 | 4 |
| 8/28/2019 | 2 | 1 |
| 8/29/2019 | 2 | 1 |
| 8/30/2019 | 3 | 5 |
| 9/2/2019 | 3 | 5 |
| 9/3/2019 | 3 | 5 |
| 9/4/2019 | 3 | 10 |
| 9/5/2019 | 3 | 10 |
| 9/6/2019 | 2 | 5 |
| 9/9/2019 | 3 | 1 |
| 9/10/2019 | 3 | 3 |
| 9/11/2019 | 3 | 4 |
| 9/12/2019 | 3 | 8 |
| 9/13/2019 | 4 | 9 |
| 9/16/2019 | 15 | 32 |
| 9/17/2019 | 20 | 315 |
| 9/18/2019 | 15 | 40 |
| 9/19/2019 | 10 | 10 |
| 9/20/2019 | 10 | 5 |
| 9/23/2019 | 10 | 2 |
| 9/24/2019 | 10 | 14 |
| 9/25/2019 | 10 | 20 |
| 9/26/2019 | 5 | 2 |
| 9/27/2019 | 3 | 0 |
| 9/30/2019 | 10 | 55 |
| 10/1/2019 | 8 | 4 |
| 10/2/2019 | 5 | 2 |
| 10/3/2019 | 3 | 1 |
| 10/4/2019 | 2 | -1 |
| 10/7/2019 | 2 | 0 |
| 10/8/2019 | 2 | 2 |
| 10/9/2019 | 2 | 2 |
| 10/10/2019 | 2 | 2 |
| 10/11/2019 | 2 | 2 |
| 10/14/2019 | 2 | 2 |
| 10/15/2019 | 10 | 15 |
| 10/16/2019 | 10 | 22 |
| 10/17/2019 | 5 | 13 |
| 10/18/2019 | 5 | 5 |
| 10/21/2019 | 5 | 3 |
| 10/22/2019 | 5 | 5 |
| 10/23/2019 | 5 | 4 |
| 10/24/2019 | 5 | 4 |
| 10/25/2019 | 3 | 1 |
| 10/28/2019 | 3 | 0 |
| 10/29/2019 | 2 | -2 |
| 10/30/2019 | 2 | 0 |
| 10/31/2019 | 3 | 18 |
| 11/1/2019 | 2 | 0 |
| 11/4/2019 | 1 | -1 |
| 11/5/2019 | 1 | 0 |
| 11/6/2019 | 0 | -2 |
| 11/7/2019 | 0 | -2 |
| 11/8/2019 | 0 | -2 |
| 11/11/2019 | 0 | -2 |
| 11/12/2019 | 0 | -1 |
| 11/13/2019 | 0 | -1 |
| 11/14/2019 | 0 | 0 |
| 11/15/2019 | 0 | 0 |
| 11/18/2019 | 0 | -3 |
| 11/19/2019 | 0 | -2 |
| 11/20/2019 | 0 | -1 |
| 11/21/2019 | 0 | 0 |
| 11/22/2019 | 0 | 1 |
| 11/25/2019 | 0 | -1 |
| 11/26/2019 | 0 | -4 |
| 11/27/2019 | 0 | -5 |
| 11/28/2019 | 0 | -5 |
| 11/29/2019 | 1 | 7 |
| 12/2/2019 | 1 | 5 |
| 12/3/2019 | 0 | -4 |
| 12/4/2019 | 0 | -5 |
| 12/5/2019 | 0 | -3 |
| 12/6/2019 | 0 | -3 |
| 12/9/2019 | 0 | -2 |
| 12/10/2019 | 0 | -4 |
| 12/11/2019 | 0 | -5 |
| 12/12/2019 | 0 | -6 |
| 12/13/2019 | 0 | -5 |
| 12/16/2019 | 1 | 5 |
| 12/17/2019 | 0 | -5 |
| 12/18/2019 | 0 | -5 |
| 12/19/2019 | 0 | -5 |
| 12/20/2019 | 0 | -6 |
| 12/23/2019 | 0 | -5 |
| 12/24/2019 | 0 | -5 |
| 12/25/2019 | 0 | -5 |
| 12/26/2019 | 0 | -6 |
| 12/27/2019 | 0 | -5 |
| 12/30/2019 | 0 | -4 |
| 12/31/2019 | 0 | 0 |
Note: Repo data for September 17, 2019, is truncated for scaling.
Source: Federal Reserve Bank of New York, Effective Federal Funds Rate (EFFR), Tri-party General Collateral Rate (TGCR) and Interest Rate on Reserve Balances (IORB).
Figure 4. Bill Supply and Money Market Fund AUM
$Trillions
| Date | MMF AUM (right scale) | Bill Supply (left scale) |
|---|---|---|
| 1/29/2016 | 3.04599 | 1.47793 |
| 2/29/2016 | 3.13123 | 1.55195 |
| 3/31/2016 | 3.05885 | 1.61796 |
| 4/29/2016 | 3.01451 | 1.52696 |
| 5/31/2016 | 3.03881 | 1.52396 |
| 6/30/2016 | 2.96669 | 1.50795 |
| 7/29/2016 | 2.98609 | 1.54993 |
| 8/31/2016 | 3.02191 | 1.63295 |
| 9/30/2016 | 2.90022 | 1.64696 |
| 10/31/2016 | 2.91200 | 1.75295 |
| 11/30/2016 | 3.00373 | 1.87295 |
| 12/30/2016 | 2.92254 | 1.81796 |
| 1/31/2017 | 2.93602 | 1.76198 |
| 2/28/2017 | 2.93592 | 1.75296 |
| 3/31/2017 | 2.91015 | 1.75696 |
| 4/28/2017 | 2.88727 | 1.74199 |
| 5/31/2017 | 2.93670 | 1.74796 |
| 6/30/2017 | 2.87822 | 1.71796 |
| 7/31/2017 | 2.93658 | 1.75796 |
| 8/31/2017 | 2.98607 | 1.74792 |
| 9/29/2017 | 2.99679 | 1.80194 |
| 10/31/2017 | 3.07766 | 1.85593 |
| 11/30/2017 | 3.08118 | 1.97091 |
| 12/29/2017 | 3.09628 | 1.95593 |
| 1/31/2018 | 3.10329 | 1.96694 |
| 2/28/2018 | 3.16865 | 2.07797 |
| 3/30/2018 | 3.05933 | 2.28897 |
| 4/30/2018 | 3.11465 | 2.16899 |
| 5/31/2018 | 3.11127 | 2.18398 |
| 6/29/2018 | 3.07686 | 2.15798 |
| 7/31/2018 | 3.16934 | 2.20590 |
| 8/31/2018 | 3.13809 | 2.34092 |
| 9/28/2018 | 3.12815 | 2.23994 |
| 10/31/2018 | 3.19092 | 2.25800 |
| 11/30/2018 | 3.24211 | 2.38910 |
| 12/31/2018 | 3.34361 | 2.33999 |
| 1/31/2019 | 3.35042 | 2.29906 |
| 2/28/2019 | 3.43935 | 2.39604 |
| 3/29/2019 | 3.52535 | 2.48003 |
| 4/30/2019 | 3.50258 | 2.38399 |
| 5/31/2019 | 3.59211 | 2.35395 |
| 6/28/2019 | 3.61399 | 2.25093 |
| 7/31/2019 | 3.70335 | 2.20590 |
| 8/30/2019 | 3.79880 | 2.33191 |
| 9/30/2019 | 3.88550 | 2.37696 |
| 10/31/2019 | 3.96056 | 2.45607 |
| 11/29/2019 | 3.99068 | 2.51513 |
| 12/31/2019 | 3.99999 | 2.41686 |
Source: Department of Treasury, Monthly Reports of Money Market Funds (N-MFP), and author calculations.
Figure 5. FHLB Repo Lending
$Billions
| FHLB Repo Lending | |
|---|---|
| 1/4/2016 | 15.27 |
| 1/5/2016 | 15.42 |
| 1/6/2016 | 15.82 |
| 1/7/2016 | 15.82 |
| 1/8/2016 | 16.47 |
| 1/11/2016 | 15.82 |
| 1/12/2016 | 15.32 |
| 1/13/2016 | 15.32 |
| 1/14/2016 | 15.32 |
| 1/15/2016 | 15.32 |
| 1/19/2016 | 14.97 |
| 1/20/2016 | 14.97 |
| 1/21/2016 | 14.97 |
| 1/22/2016 | 15.72 |
| 1/25/2016 | 14.97 |
| 1/26/2016 | 14.72 |
| 1/27/2016 | 13.62 |
| 1/28/2016 | 13.12 |
| 1/29/2016 | 14.37 |
| 2/1/2016 | 13.42 |
| 2/2/2016 | 13.76 |
| 2/3/2016 | 14.51 |
| 2/4/2016 | 15.07 |
| 2/5/2016 | 14.81 |
| 2/8/2016 | 14.81 |
| 2/9/2016 | 15.31 |
| 2/10/2016 | 15.31 |
| 2/11/2016 | 16.06 |
| 2/12/2016 | 17.06 |
| 2/15/2016 | 17.31 |
| 2/16/2016 | 17.31 |
| 2/17/2016 | 17.16 |
| 2/18/2016 | 17.41 |
| 2/19/2016 | 17.21 |
| 2/22/2016 | 16.96 |
| 2/23/2016 | 16.81 |
| 2/24/2016 | 17.01 |
| 2/25/2016 | 17.26 |
| 2/26/2016 | 17.36 |
| 2/29/2016 | 18.36 |
| 3/1/2016 | 17.36 |
| 3/2/2016 | 17.61 |
| 3/3/2016 | 17.86 |
| 3/4/2016 | 18.36 |
| 3/7/2016 | 18.86 |
| 3/8/2016 | 18.86 |
| 3/9/2016 | 18.86 |
| 3/10/2016 | 19.26 |
| 3/11/2016 | 19.26 |
| 3/14/2016 | 18.31 |
| 3/15/2016 | 19.11 |
| 3/16/2016 | 18.91 |
| 3/17/2016 | 19.16 |
| 3/18/2016 | 18.11 |
| 3/21/2016 | 17.86 |
| 3/22/2016 | 15.56 |
| 3/23/2016 | 16.66 |
| 3/24/2016 | 16.56 |
| 3/28/2016 | 17.12 |
| 3/29/2016 | 17.12 |
| 3/30/2016 | 16.52 |
| 3/31/2016 | 17.52 |
| 4/1/2016 | 17.77 |
| 4/4/2016 | 16.86 |
| 4/5/2016 | 17.16 |
| 4/6/2016 | 17.16 |
| 4/7/2016 | 16.96 |
| 4/8/2016 | 16.96 |
| 4/11/2016 | 16.96 |
| 4/12/2016 | 16.96 |
| 4/13/2016 | 17.46 |
| 4/14/2016 | 17.46 |
| 4/15/2016 | 17.46 |
| 4/18/2016 | 17.46 |
| 4/19/2016 | 16.96 |
| 4/20/2016 | 15.91 |
| 4/21/2016 | 13.66 |
| 4/22/2016 | 15.21 |
| 4/25/2016 | 14.71 |
| 4/26/2016 | 14.46 |
| 4/27/2016 | 13.16 |
| 4/28/2016 | 13.16 |
| 4/29/2016 | 14.66 |
| 5/2/2016 | 14.06 |
| 5/3/2016 | 13.96 |
| 5/4/2016 | 13.96 |
| 5/5/2016 | 14.06 |
| 5/6/2016 | 14.56 |
| 5/9/2016 | 14.56 |
| 5/10/2016 | 14.66 |
| 5/11/2016 | 14.76 |
| 5/12/2016 | 14.76 |
| 5/13/2016 | 14.76 |
| 5/16/2016 | 14.76 |
| 5/17/2016 | 14.76 |
| 5/18/2016 | 14.76 |
| 5/19/2016 | 14.26 |
| 5/20/2016 | 13.76 |
| 5/23/2016 | 13.76 |
| 5/24/2016 | 14.01 |
| 5/25/2016 | 13.76 |
| 5/26/2016 | 12.26 |
| 5/27/2016 | 12.76 |
| 5/31/2016 | 15.01 |
| 6/1/2016 | 15.26 |
| 6/2/2016 | 15.06 |
| 6/3/2016 | 15.16 |
| 6/6/2016 | 15.01 |
| 6/7/2016 | 15.01 |
| 6/8/2016 | 15.01 |
| 6/9/2016 | 14.91 |
| 6/10/2016 | 15.66 |
| 6/13/2016 | 15.66 |
| 6/14/2016 | 15.66 |
| 6/15/2016 | 15.66 |
| 6/16/2016 | 15.66 |
| 6/17/2016 | 15.91 |
| 6/20/2016 | 15.91 |
| 6/21/2016 | 15.91 |
| 6/22/2016 | 15.91 |
| 6/23/2016 | 16.41 |
| 6/24/2016 | 15.16 |
| 6/27/2016 | 14.91 |
| 6/28/2016 | 14.66 |
| 6/29/2016 | 15.21 |
| 6/30/2016 | 15.66 |
| 7/1/2016 | 17.66 |
| 7/5/2016 | 15.96 |
| 7/6/2016 | 15.71 |
| 7/7/2016 | 16.71 |
| 7/8/2016 | 16.96 |
| 7/11/2016 | 16.96 |
| 7/12/2016 | 16.76 |
| 7/13/2016 | 16.46 |
| 7/14/2016 | 16.76 |
| 7/15/2016 | 16.76 |
| 7/18/2016 | 16.76 |
| 7/19/2016 | 14.96 |
| 7/20/2016 | 15.21 |
| 7/21/2016 | 15.06 |
| 7/22/2016 | 15.06 |
| 7/25/2016 | 16.56 |
| 7/26/2016 | 16.56 |
| 7/27/2016 | 16.51 |
| 7/28/2016 | 16.66 |
| 7/29/2016 | 16.86 |
| 8/1/2016 | 16.46 |
| 8/2/2016 | 16.71 |
| 8/3/2016 | 16.71 |
| 8/4/2016 | 17.21 |
| 8/5/2016 | 17.21 |
| 8/8/2016 | 17.21 |
| 8/9/2016 | 17.36 |
| 8/10/2016 | 17.26 |
| 8/11/2016 | 17.26 |
| 8/12/2016 | 17.16 |
| 8/15/2016 | 17.16 |
| 8/16/2016 | 17.16 |
| 8/17/2016 | 16.96 |
| 8/18/2016 | 17.21 |
| 8/19/2016 | 17.46 |
| 8/22/2016 | 17.46 |
| 8/23/2016 | 17.46 |
| 8/24/2016 | 17.71 |
| 8/25/2016 | 17.96 |
| 8/26/2016 | 18.46 |
| 8/29/2016 | 18.46 |
| 8/30/2016 | 18.46 |
| 8/31/2016 | 18.76 |
| 9/1/2016 | 17.96 |
| 9/2/2016 | 18.16 |
| 9/6/2016 | 18.16 |
| 9/7/2016 | 17.91 |
| 9/8/2016 | 17.16 |
| 9/9/2016 | 17.16 |
| 9/12/2016 | 17.16 |
| 9/13/2016 | 17.16 |
| 9/14/2016 | 17.16 |
| 9/15/2016 | 17.06 |
| 9/16/2016 | 17.06 |
| 9/19/2016 | 17.06 |
| 9/20/2016 | 17.06 |
| 9/21/2016 | 17.36 |
| 9/22/2016 | 16.71 |
| 9/23/2016 | 16.71 |
| 9/26/2016 | 16.71 |
| 9/27/2016 | 16.61 |
| 9/28/2016 | 16.61 |
| 9/29/2016 | 16.61 |
| 9/30/2016 | 16.61 |
| 10/3/2016 | 18.71 |
| 10/4/2016 | 16.71 |
| 10/5/2016 | 16.91 |
| 10/6/2016 | 16.81 |
| 10/7/2016 | 16.71 |
| 10/11/2016 | 16.71 |
| 10/12/2016 | 16.71 |
| 10/13/2016 | 17.21 |
| 10/14/2016 | 17.31 |
| 10/17/2016 | 17.31 |
| 10/18/2016 | 14.81 |
| 10/19/2016 | 15.61 |
| 10/20/2016 | 15.61 |
| 10/21/2016 | 16.51 |
| 10/24/2016 | 14.66 |
| 10/25/2016 | 15.66 |
| 10/26/2016 | 16.26 |
| 10/27/2016 | 17.11 |
| 10/28/2016 | 16.86 |
| 10/31/2016 | 17.11 |
| 11/1/2016 | 17.26 |
| 11/2/2016 | 17.261 |
| 11/3/2016 | 17.91 |
| 11/4/2016 | 18.16 |
| 11/7/2016 | 18.16 |
| 11/8/2016 | 18.41 |
| 11/9/2016 | 18.41 |
| 11/10/2016 | 18.41 |
| 11/14/2016 | 18.31 |
| 11/15/2016 | 18.31 |
| 11/16/2016 | 18.31 |
| 11/17/2016 | 16.71 |
| 11/18/2016 | 16.41 |
| 11/21/2016 | 18.41 |
| 11/22/2016 | 18.91 |
| 11/23/2016 | 20.91 |
| 11/25/2016 | 20.91 |
| 11/28/2016 | 20.41 |
| 11/29/2016 | 18.41 |
| 11/30/2016 | 23.65 |
| 12/1/2016 | 23.9 |
| 12/2/2016 | 22.9 |
| 12/5/2016 | 22.9 |
| 12/6/2016 | 23.4 |
| 12/7/2016 | 22.9 |
| 12/8/2016 | 22.4 |
| 12/9/2016 | 23.15 |
| 12/12/2016 | 23.9 |
| 12/13/2016 | 13.95 |
| 12/14/2016 | 13.7 |
| 12/15/2016 | 14.2 |
| 12/16/2016 | 14.2 |
| 12/19/2016 | 13.95 |
| 12/20/2016 | 13.45 |
| 12/21/2016 | 14.7 |
| 12/22/2016 | 13.95 |
| 12/23/2016 | 14.1 |
| 12/27/2016 | 14.1 |
| 12/28/2016 | 14.6 |
| 12/29/2016 | 14.6 |
| 12/30/2016 | 14.6 |
| 1/3/2017 | 19.3 |
| 1/4/2017 | 19.4 |
| 1/5/2017 | 20.1 |
| 1/6/2017 | 15.11 |
| 1/9/2017 | 14.86 |
| 1/10/2017 | 14.61 |
| 1/11/2017 | 14.61 |
| 1/12/2017 | 14.61 |
| 1/13/2017 | 15.16 |
| 1/17/2017 | 15.66 |
| 1/18/2017 | 15.46 |
| 1/19/2017 | 14.66 |
| 1/20/2017 | 14.66 |
| 1/23/2017 | 14.66 |
| 1/24/2017 | 15.16 |
| 1/25/2017 | 15.16 |
| 1/26/2017 | 15.16 |
| 1/27/2017 | 15.91 |
| 1/30/2017 | 15.76 |
| 1/31/2017 | 17.26 |
| 2/1/2017 | 16.41 |
| 2/2/2017 | 16.41 |
| 2/3/2017 | 16.41 |
| 2/6/2017 | 16.41 |
| 2/7/2017 | 15.91 |
| 2/8/2017 | 16.16 |
| 2/9/2017 | 16.61 |
| 2/10/2017 | 16.86 |
| 2/13/2017 | 16.41 |
| 2/14/2017 | 17.11 |
| 2/15/2017 | 16.91 |
| 2/16/2017 | 16.41 |
| 2/17/2017 | 16.41 |
| 2/21/2017 | 16.41 |
| 2/22/2017 | 16.41 |
| 2/23/2017 | 16.11 |
| 2/24/2017 | 15.81 |
| 2/27/2017 | 15.81 |
| 2/28/2017 | 18.31 |
| 3/1/2017 | 16.26 |
| 3/2/2017 | 16.26 |
| 3/3/2017 | 16.26 |
| 3/6/2017 | 16.01 |
| 3/7/2017 | 16.01 |
| 3/8/2017 | 16.51 |
| 3/9/2017 | 17.31 |
| 3/10/2017 | 17.61 |
| 3/13/2017 | 17.61 |
| 3/14/2017 | 17.91 |
| 3/15/2017 | 17.66 |
| 3/16/2017 | 17.66 |
| 3/17/2017 | 17.41 |
| 3/20/2017 | 17.41 |
| 3/21/2017 | 16.91 |
| 3/22/2017 | 15.91 |
| 3/23/2017 | 15.66 |
| 3/24/2017 | 15.36 |
| 3/27/2017 | 17.11 |
| 3/28/2017 | 14.86 |
| 3/29/2017 | 14.86 |
| 3/30/2017 | 15.01 |
| 3/31/2017 | 16.26 |
| 4/3/2017 | 17.11 |
| 4/4/2017 | 14.91 |
| 4/5/2017 | 14.91 |
| 4/6/2017 | 15.41 |
| 4/7/2017 | 15.51 |
| 4/10/2017 | 15.01 |
| 4/11/2017 | 15.55 |
| 4/12/2017 | 16.1 |
| 4/13/2017 | 15.35 |
| 4/17/2017 | 16.31 |
| 4/18/2017 | 14.06 |
| 4/19/2017 | 14.56 |
| 4/20/2017 | 12.91 |
| 4/21/2017 | 12.91 |
| 4/24/2017 | 13.41 |
| 4/25/2017 | 13.41 |
| 4/26/2017 | 13.66 |
| 4/27/2017 | 16.16 |
| 4/28/2017 | 17.06 |
| 5/1/2017 | 12.96 |
| 5/2/2017 | 13.01 |
| 5/3/2017 | 12.11 |
| 5/4/2017 | 12.51 |
| 5/5/2017 | 12.26 |
| 5/8/2017 | 12.01 |
| 5/9/2017 | 11.61 |
| 5/10/2017 | 11.61 |
| 5/11/2017 | 11.61 |
| 5/12/2017 | 11.605 |
| 5/15/2017 | 12.105 |
| 5/16/2017 | 11.605 |
| 5/17/2017 | 13.255 |
| 5/18/2017 | 11.755 |
| 5/19/2017 | 11.505 |
| 5/22/2017 | 11.505 |
| 5/23/2017 | 11.505 |
| 5/24/2017 | 11.755 |
| 5/25/2017 | 12.605 |
| 5/26/2017 | 15.005 |
| 5/30/2017 | 16.405 |
| 5/31/2017 | 16.505 |
| 6/1/2017 | 14.505 |
| 6/2/2017 | 14.255 |
| 6/5/2017 | 13.255 |
| 6/6/2017 | 13.255 |
| 6/7/2017 | 13.255 |
| 6/8/2017 | 13.405 |
| 6/9/2017 | 13.405 |
| 6/12/2017 | 15.655 |
| 6/13/2017 | 15.755 |
| 6/14/2017 | 14.845 |
| 6/15/2017 | 15.755 |
| 6/16/2017 | 13.755 |
| 6/19/2017 | 13.405 |
| 6/20/2017 | 12.405 |
| 6/21/2017 | 11.655 |
| 6/22/2017 | 11.655 |
| 6/23/2017 | 13.405 |
| 6/26/2017 | 13.405 |
| 6/27/2017 | 13.405 |
| 6/28/2017 | 13.87 |
| 6/29/2017 | 14.52 |
| 6/30/2017 | 15.275 |
| 7/3/2017 | 16.8 |
| 7/5/2017 | 14.65 |
| 7/6/2017 | 14.65 |
| 7/7/2017 | 14.65 |
| 7/10/2017 | 13.65 |
| 7/11/2017 | 13.65 |
| 7/12/2017 | 13.85 |
| 7/13/2017 | 14.15 |
| 7/14/2017 | 14.3 |
| 7/17/2017 | 14.3 |
| 7/18/2017 | 14.25 |
| 7/19/2017 | 14.25 |
| 7/20/2017 | 14.25 |
| 7/21/2017 | 14.25 |
| 7/24/2017 | 14.75 |
| 7/25/2017 | 15.25 |
| 7/26/2017 | 15.5 |
| 7/27/2017 | 15.75 |
| 7/28/2017 | 15.75 |
| 7/31/2017 | 17.2 |
| 8/1/2017 | 15.75 |
| 8/2/2017 | 15.75 |
| 8/3/2017 | 15.65 |
| 8/4/2017 | 16.15 |
| 8/7/2017 | 16.65 |
| 8/8/2017 | 16.2 |
| 8/9/2017 | 16.4 |
| 8/10/2017 | 17.9 |
| 8/11/2017 | 18.25 |
| 8/14/2017 | 18.75 |
| 8/15/2017 | 20.55 |
| 8/16/2017 | 19.8 |
| 8/17/2017 | 19.6 |
| 8/18/2017 | 19.2 |
| 8/21/2017 | 18.2 |
| 8/22/2017 | 18.2 |
| 8/23/2017 | 18.65 |
| 8/24/2017 | 19.4 |
| 8/25/2017 | 19.4 |
| 8/28/2017 | 19.4 |
| 8/29/2017 | 19.4 |
| 8/30/2017 | 19.4 |
| 8/31/2017 | 19.6 |
| 9/1/2017 | 19.4 |
| 9/5/2017 | 19.6 |
| 9/6/2017 | 19.4 |
| 9/7/2017 | 19.4 |
| 9/8/2017 | 19.4 |
| 9/11/2017 | 19.4 |
| 9/12/2017 | 19.4 |
| 9/13/2017 | 19.4 |
| 9/14/2017 | 19.6 |
| 9/15/2017 | 19.6 |
| 9/18/2017 | 19.4 |
| 9/19/2017 | 18.4 |
| 9/20/2017 | 15.45 |
| 9/21/2017 | 18.15 |
| 9/22/2017 | 17.65 |
| 9/25/2017 | 17.65 |
| 9/26/2017 | 17.15 |
| 9/27/2017 | 16.4 |
| 9/28/2017 | 16.65 |
| 9/29/2017 | 19.7 |
| 10/2/2017 | 17.2 |
| 10/3/2017 | 16.2 |
| 10/4/2017 | 16.95 |
| 10/5/2017 | 16.95 |
| 10/6/2017 | 16.95 |
| 10/10/2017 | 17.2 |
| 10/11/2017 | 17.2 |
| 10/12/2017 | 16.7 |
| 10/13/2017 | 16.2 |
| 10/16/2017 | 16.2 |
| 10/17/2017 | 16.2 |
| 10/18/2017 | 15.45 |
| 10/19/2017 | 14.7 |
| 10/20/2017 | 14.95 |
| 10/23/2017 | 14.95 |
| 10/24/2017 | 14.95 |
| 10/25/2017 | 14.95 |
| 10/26/2017 | 14.7 |
| 10/27/2017 | 14.7 |
| 10/30/2017 | 14.7 |
| 10/31/2017 | 16.95 |
| 11/1/2017 | 14.7 |
| 11/2/2017 | 14.95 |
| 11/3/2017 | 15.15 |
| 11/6/2017 | 14.95 |
| 11/7/2017 | 14.95 |
| 11/8/2017 | 14.95 |
| 11/9/2017 | 14.95 |
| 11/10/2017 | 15.15 |
| 11/13/2017 | 15.25 |
| 11/14/2017 | 15.45 |
| 11/15/2017 | 14.95 |
| 11/16/2017 | 14.55 |
| 11/17/2017 | 14.95 |
| 11/20/2017 | 14.95 |
| 11/21/2017 | 14.7 |
| 11/22/2017 | 14.7 |
| 11/24/2017 | 14.95 |
| 11/27/2017 | 14.7 |
| 11/28/2017 | 14.7 |
| 11/29/2017 | 14.45 |
| 11/30/2017 | 15.2 |
| 12/1/2017 | 13.7 |
| 12/4/2017 | 12.7 |
| 12/5/2017 | 12.7 |
| 12/6/2017 | 14.2 |
| 12/7/2017 | 13.7 |
| 12/8/2017 | 13.9 |
| 12/11/2017 | 13.95 |
| 12/12/2017 | 13.7 |
| 12/13/2017 | 13.7 |
| 12/14/2017 | 14.45 |
| 12/15/2017 | 14.7 |
| 12/18/2017 | 14.3 |
| 12/19/2017 | 14.5 |
| 12/20/2017 | 14 |
| 12/21/2017 | 14 |
| 12/22/2017 | 13.75 |
| 12/26/2017 | 13.7 |
| 12/27/2017 | 13.375 |
| 12/28/2017 | 13.9 |
| 12/29/2017 | 15.45 |
| 1/2/2018 | 14.9 |
| 1/3/2018 | 13.2 |
| 1/4/2018 | 13.65 |
| 1/5/2018 | 13.65 |
| 1/8/2018 | 14.4 |
| 1/9/2018 | 14.15 |
| 1/10/2018 | 14.15 |
| 1/11/2018 | 14.15 |
| 1/12/2018 | 14.4 |
| 1/16/2018 | 14.4 |
| 1/17/2018 | 14.4 |
| 1/18/2018 | 14.4 |
| 1/19/2018 | 14.15 |
| 1/22/2018 | 14.15 |
| 1/23/2018 | 14.15 |
| 1/24/2018 | 14.4 |
| 1/25/2018 | 14.4 |
| 1/26/2018 | 14.4 |
| 1/29/2018 | 14.4 |
| 1/30/2018 | 14.4 |
| 1/31/2018 | 15.9 |
| 2/1/2018 | 14.4 |
| 2/2/2018 | 14.4 |
| 2/5/2018 | 14.15 |
| 2/6/2018 | 14.15 |
| 2/7/2018 | 14.15 |
| 2/8/2018 | 14.4 |
| 2/9/2018 | 14.4 |
| 2/12/2018 | 14.4 |
| 2/13/2018 | 14.15 |
| 2/14/2018 | 14.4 |
| 2/15/2018 | 14.4 |
| 2/16/2018 | 14.4 |
| 2/20/2018 | 14.4 |
| 2/21/2018 | 14.15 |
| 2/22/2018 | 14.15 |
| 2/23/2018 | 14.15 |
| 2/26/2018 | 15.15 |
| 2/27/2018 | 15.65 |
| 2/28/2018 | 17.35 |
| 3/1/2018 | 19.6 |
| 3/2/2018 | 19.8 |
| 3/5/2018 | 21 |
| 3/6/2018 | 21 |
| 3/7/2018 | 21.5 |
| 3/8/2018 | 21.5 |
| 3/9/2018 | 20.35 |
| 3/12/2018 | 21.8 |
| 3/13/2018 | 20.85 |
| 3/14/2018 | 20.85 |
| 3/15/2018 | 21.65 |
| 3/16/2018 | 21.4 |
| 3/19/2018 | 22.4 |
| 3/20/2018 | 22.5 |
| 3/21/2018 | 22.5 |
| 3/22/2018 | 21.75 |
| 3/23/2018 | 21.25 |
| 3/26/2018 | 21.25 |
| 3/27/2018 | 21.5 |
| 3/28/2018 | 22.2 |
| 3/29/2018 | 22.75 |
| 4/2/2018 | 24.25 |
| 4/3/2018 | 23.25 |
| 4/4/2018 | 22.25 |
| 4/5/2018 | 22.25 |
| 4/6/2018 | 23.25 |
| 4/9/2018 | 24 |
| 4/10/2018 | 24 |
| 4/11/2018 | 24 |
| 4/12/2018 | 23.5 |
| 4/13/2018 | 23.75 |
| 4/16/2018 | 23.5 |
| 4/17/2018 | 23 |
| 4/18/2018 | 22.05 |
| 4/19/2018 | 23 |
| 4/20/2018 | 22.05 |
| 4/23/2018 | 21.8 |
| 4/24/2018 | 21.05 |
| 4/25/2018 | 21.3 |
| 4/26/2018 | 22.05 |
| 4/27/2018 | 22.3 |
| 4/30/2018 | 22.8 |
| 5/1/2018 | 21.8 |
| 5/2/2018 | 20.8 |
| 5/3/2018 | 21.1 |
| 5/4/2018 | 22.8 |
| 5/7/2018 | 22.85 |
| 5/8/2018 | 23.3 |
| 5/9/2018 | 23.1 |
| 5/10/2018 | 23.6 |
| 5/11/2018 | 24.6 |
| 5/14/2018 | 25.1 |
| 5/15/2018 | 25.101 |
| 5/16/2018 | 25.6 |
| 5/17/2018 | 26.1 |
| 5/18/2018 | 26.1 |
| 5/21/2018 | 23.35 |
| 5/22/2018 | 20.85 |
| 5/23/2018 | 22.85 |
| 5/24/2018 | 25.85 |
| 5/25/2018 | 24.6 |
| 5/29/2018 | 22.845 |
| 5/30/2018 | 25.345 |
| 5/31/2018 | 26.295 |
| 6/1/2018 | 26.595 |
| 6/4/2018 | 26.595 |
| 6/5/2018 | 27.095 |
| 6/6/2018 | 26.995 |
| 6/7/2018 | 26.995 |
| 6/8/2018 | 25.995 |
| 6/11/2018 | 25.995 |
| 6/12/2018 | 25.595 |
| 6/13/2018 | 26.295 |
| 6/14/2018 | 24.895 |
| 6/15/2018 | 23.645 |
| 6/18/2018 | 23.645 |
| 6/19/2018 | 24.045 |
| 6/20/2018 | 22.045 |
| 6/21/2018 | 20.095 |
| 6/22/2018 | 19.945 |
| 6/25/2018 | 20.695 |
| 6/26/2018 | 20.695 |
| 6/27/2018 | 21.945 |
| 6/28/2018 | 22.695 |
| 6/29/2018 | 25.545 |
| 7/2/2018 | 27.695 |
| 7/3/2018 | 26.995 |
| 7/5/2018 | 27.045 |
| 7/6/2018 | 27.045 |
| 7/9/2018 | 24.695 |
| 7/10/2018 | 24.195 |
| 7/11/2018 | 24.445 |
| 7/12/2018 | 24.195 |
| 7/13/2018 | 23.945 |
| 7/16/2018 | 25.445 |
| 7/17/2018 | 26.045 |
| 7/18/2018 | 25.944 |
| 7/19/2018 | 26.444 |
| 7/20/2018 | 26.444 |
| 7/23/2018 | 26.694 |
| 7/24/2018 | 27.194 |
| 7/25/2018 | 27.694 |
| 7/26/2018 | 27.694 |
| 7/27/2018 | 26.194 |
| 7/30/2018 | 26.694 |
| 7/31/2018 | 27.694 |
| 8/1/2018 | 27.694 |
| 8/2/2018 | 28.244 |
| 8/3/2018 | 26.944 |
| 8/6/2018 | 25.444 |
| 8/7/2018 | 27.444 |
| 8/8/2018 | 27.444 |
| 8/9/2018 | 27.944 |
| 8/10/2018 | 27.444 |
| 8/13/2018 | 27.444 |
| 8/14/2018 | 26.944 |
| 8/15/2018 | 26.894 |
| 8/16/2018 | 28.194 |
| 8/17/2018 | 29.194 |
| 8/20/2018 | 27.194 |
| 8/21/2018 | 26.994 |
| 8/22/2018 | 26.994 |
| 8/23/2018 | 27.494 |
| 8/24/2018 | 26.844 |
| 8/27/2018 | 27.244 |
| 8/28/2018 | 27.744 |
| 8/29/2018 | 28.944 |
| 8/30/2018 | 28.194 |
| 8/31/2018 | 29.204 |
| 9/4/2018 | 29.194 |
| 9/5/2018 | 29.394 |
| 9/6/2018 | 29.844 |
| 9/7/2018 | 30.544 |
| 9/10/2018 | 30.044 |
| 9/11/2018 | 30.044 |
| 9/12/2018 | 30.044 |
| 9/13/2018 | 30.344 |
| 9/14/2018 | 30.044 |
| 9/17/2018 | 30.094 |
| 9/18/2018 | 28.494 |
| 9/19/2018 | 27.744 |
| 9/20/2018 | 27.394 |
| 9/21/2018 | 30.344 |
| 9/24/2018 | 30.994 |
| 9/25/2018 | 30.744 |
| 9/26/2018 | 30.444 |
| 9/27/2018 | 30.794 |
| 9/28/2018 | 31.044 |
| 10/1/2018 | 29.044 |
| 10/2/2018 | 28.394 |
| 10/3/2018 | 28.894 |
| 10/4/2018 | 29.444 |
| 10/5/2018 | 29.744 |
| 10/9/2018 | 30.044 |
| 10/10/2018 | 29.544 |
| 10/11/2018 | 29.544 |
| 10/12/2018 | 29.544 |
| 10/15/2018 | 31.044 |
| 10/16/2018 | 31.044 |
| 10/17/2018 | 30.544 |
| 10/18/2018 | 31.344 |
| 10/19/2018 | 31.344 |
| 10/22/2018 | 29.944 |
| 10/23/2018 | 28.394 |
| 10/24/2018 | 28.894 |
| 10/25/2018 | 28.394 |
| 10/26/2018 | 28.894 |
| 10/29/2018 | 30.394 |
| 10/30/2018 | 29.844 |
| 10/31/2018 | 30.644 |
| 11/1/2018 | 30.094 |
| 11/2/2018 | 32.394 |
| 11/5/2018 | 31.394 |
| 11/6/2018 | 31.894 |
| 11/7/2018 | 31.344 |
| 11/8/2018 | 31.394 |
| 11/9/2018 | 31.894 |
| 11/13/2018 | 31.594 |
| 11/14/2018 | 30.844 |
| 11/15/2018 | 30.994 |
| 11/16/2018 | 31.294 |
| 11/19/2018 | 30.444 |
| 11/20/2018 | 28.544 |
| 11/21/2018 | 27.794 |
| 11/23/2018 | 28.394 |
| 11/26/2018 | 28.644 |
| 11/27/2018 | 28.594 |
| 11/28/2018 | 27.644 |
| 11/29/2018 | 31.194 |
| 11/30/2018 | 31.394 |
| 12/3/2018 | 27.344 |
| 12/4/2018 | 26.294 |
| 12/6/2018 | 29.294 |
| 12/7/2018 | 29.844 |
| 12/10/2018 | 29.494 |
| 12/11/2018 | 28.444 |
| 12/12/2018 | 30.244 |
| 12/13/2018 | 30.994 |
| 12/14/2018 | 31.694 |
| 12/17/2018 | 32.494 |
| 12/18/2018 | 31.694 |
| 12/19/2018 | 31.094 |
| 12/20/2018 | 29.444 |
| 12/21/2018 | 28.394 |
| 12/24/2018 | 28.944 |
| 12/26/2018 | 29.444 |
| 12/27/2018 | 29.944 |
| 12/28/2018 | 31.545 |
| 12/31/2018 | 32.769 |
| 1/2/2019 | 35.719 |
| 1/3/2019 | 36.719 |
| 1/4/2019 | 33.769 |
| 1/7/2019 | 33.519 |
| 1/8/2019 | 34.269 |
| 1/9/2019 | 34.269 |
| 1/10/2019 | 33.769 |
| 1/11/2019 | 34.269 |
| 1/14/2019 | 33.769 |
| 1/15/2019 | 34.019 |
| 1/16/2019 | 34.269 |
| 1/17/2019 | 35.269 |
| 1/18/2019 | 35.269 |
| 1/22/2019 | 34.069 |
| 1/23/2019 | 33.469 |
| 1/24/2019 | 33.319 |
| 1/25/2019 | 33.419 |
| 1/28/2019 | 34.019 |
| 1/29/2019 | 34.119 |
| 1/30/2019 | 34.719 |
| 1/31/2019 | 36.764 |
| 2/1/2019 | 35.514 |
| 2/4/2019 | 34.514 |
| 2/5/2019 | 33.514 |
| 2/6/2019 | 33.514 |
| 2/7/2019 | 36.014 |
| 2/8/2019 | 35.964 |
| 2/11/2019 | 36.464 |
| 2/12/2019 | 35.414 |
| 2/13/2019 | 35.514 |
| 2/14/2019 | 34.539 |
| 2/15/2019 | 35.014 |
| 2/19/2019 | 32.864 |
| 2/20/2019 | 32.364 |
| 2/21/2019 | 32.864 |
| 2/22/2019 | 33.064 |
| 2/25/2019 | 33.064 |
| 2/26/2019 | 33.514 |
| 2/27/2019 | 34.514 |
| 2/28/2019 | 39.765 |
| 3/1/2019 | 34.515 |
| 3/4/2019 | 34.515 |
| 3/5/2019 | 33.265 |
| 3/6/2019 | 34.015 |
| 3/7/2019 | 35.04 |
| 3/8/2019 | 35.265 |
| 3/11/2019 | 36.29 |
| 3/12/2019 | 38.115 |
| 3/13/2019 | 40.005 |
| 3/14/2019 | 38.755 |
| 3/15/2019 | 39.755 |
| 3/18/2019 | 39.405 |
| 3/19/2019 | 39.655 |
| 3/20/2019 | 39.155 |
| 3/21/2019 | 37.405 |
| 3/22/2019 | 35.205 |
| 3/25/2019 | 35.265 |
| 3/26/2019 | 37.205 |
| 3/27/2019 | 39.205 |
| 3/28/2019 | 40.455 |
| 3/29/2019 | 38.265 |
| 4/1/2019 | 41.41 |
| 4/2/2019 | 42.76 |
| 4/3/2019 | 44 |
| 4/4/2019 | 44.3 |
| 4/5/2019 | 45.025 |
| 4/8/2019 | 43.46 |
| 4/9/2019 | 42.96 |
| 4/10/2019 | 42.96 |
| 4/11/2019 | 43.06 |
| 4/12/2019 | 41.96 |
| 4/15/2019 | 40.61 |
| 4/16/2019 | 40.21 |
| 4/17/2019 | 42.81 |
| 4/18/2019 | 39.01 |
| 4/22/2019 | 38.01 |
| 4/23/2019 | 37.76 |
| 4/24/2019 | 37.76 |
| 4/25/2019 | 38.56 |
| 4/26/2019 | 39.06 |
| 4/29/2019 | 40.41 |
| 4/30/2019 | 42.66 |
| 5/1/2019 | 42.41 |
| 5/2/2019 | 46.16 |
| 5/3/2019 | 45.41 |
| 5/6/2019 | 44.61 |
| 5/7/2019 | 44.41 |
| 5/8/2019 | 45.41 |
| 5/9/2019 | 45.91 |
| 5/10/2019 | 45.85 |
| 5/13/2019 | 44.85 |
| 5/14/2019 | 42.65 |
| 5/15/2019 | 43.415 |
| 5/16/2019 | 42.16 |
| 5/17/2019 | 44.795 |
| 5/20/2019 | 44.735 |
| 5/21/2019 | 44.235 |
| 5/22/2019 | 43.285 |
| 5/23/2019 | 42.99 |
| 5/24/2019 | 41.995 |
| 5/28/2019 | 45.045 |
| 5/29/2019 | 45.085 |
| 5/30/2019 | 44.935 |
| 5/31/2019 | 45.695 |
| 6/3/2019 | 42.145 |
| 6/4/2019 | 42.145 |
| 6/5/2019 | 43.145 |
| 6/6/2019 | 43.895 |
| 6/7/2019 | 44.395 |
| 6/10/2019 | 45.095 |
| 6/11/2019 | 44.645 |
| 6/12/2019 | 44.945 |
| 6/13/2019 | 44.945 |
| 6/14/2019 | 44.495 |
| 6/17/2019 | 45.785 |
| 6/18/2019 | 43.245 |
| 6/19/2019 | 42.135 |
| 6/20/2019 | 41.136 |
| 6/21/2019 | 41.145 |
| 6/24/2019 | 41.995 |
| 6/25/2019 | 42.795 |
| 6/26/2019 | 45.135 |
| 6/27/2019 | 42.795 |
| 6/28/2019 | 41.095 |
| 7/1/2019 | 43.985 |
| 7/2/2019 | 46.985 |
| 7/3/2019 | 47.195 |
| 7/5/2019 | 47.195 |
| 7/8/2019 | 44.695 |
| 7/9/2019 | 45.485 |
| 7/10/2019 | 45.696 |
| 7/11/2019 | 44.995 |
| 7/12/2019 | 46.195 |
| 7/15/2019 | 48.145 |
| 7/16/2019 | 47.145 |
| 7/17/2019 | 48.295 |
| 7/18/2019 | 48.255 |
| 7/19/2019 | 45.395 |
| 7/22/2019 | 43.595 |
| 7/23/2019 | 44.045 |
| 7/24/2019 | 44.845 |
| 7/25/2019 | 47.145 |
| 7/26/2019 | 49.395 |
| 7/29/2019 | 49.895 |
| 7/30/2019 | 49.595 |
| 7/31/2019 | 49.695 |
| 8/1/2019 | 46.845 |
| 8/2/2019 | 48.395 |
| 8/5/2019 | 49.945 |
| 8/6/2019 | 48.645 |
| 8/7/2019 | 48.895 |
| 8/8/2019 | 48.245 |
| 8/9/2019 | 48.595 |
| 8/12/2019 | 49.195 |
| 8/13/2019 | 48.595 |
| 8/14/2019 | 48.145 |
| 8/15/2019 | 47.295 |
| 8/16/2019 | 46.345 |
| 8/19/2019 | 44.995 |
| 8/20/2019 | 43.745 |
| 8/21/2019 | 42.245 |
| 8/22/2019 | 40.545 |
| 8/23/2019 | 41.745 |
| 8/26/2019 | 43.095 |
| 8/27/2019 | 41.195 |
| 8/28/2019 | 41.595 |
| 8/29/2019 | 41.795 |
| 8/30/2019 | 44.345 |
| 9/3/2019 | 43.295 |
| 9/4/2019 | 43.895 |
| 9/5/2019 | 45.745 |
| 9/6/2019 | 46.145 |
| 9/9/2019 | 44.745 |
| 9/10/2019 | 43.845 |
| 9/11/2019 | 43.745 |
| 9/12/2019 | 43.245 |
| 9/13/2019 | 43.07 |
| 9/16/2019 | 45.37 |
| 9/17/2019 | 41.17 |
| 9/18/2019 | 42.22 |
| 9/19/2019 | 39.72 |
| 9/20/2019 | 39.535 |
| 9/23/2019 | 38.446 |
| 9/24/2019 | 40.695 |
| 9/25/2019 | 42.295 |
| 9/26/2019 | 40.345 |
| 9/27/2019 | 41.145 |
| 9/30/2019 | 40.445 |
| 10/1/2019 | 39.61 |
| 10/2/2019 | 39.945 |
| 10/3/2019 | 40.305 |
| 10/4/2019 | 40.845 |
| 10/7/2019 | 40.845 |
| 10/8/2019 | 40.845 |
| 10/9/2019 | 40.545 |
| 10/10/2019 | 40.595 |
| 10/11/2019 | 41.545 |
| 10/15/2019 | 41.545 |
| 10/16/2019 | 41.795 |
| 10/17/2019 | 42.545 |
| 10/18/2019 | 42.045 |
| 10/21/2019 | 41.495 |
| 10/22/2019 | 41.195 |
| 10/23/2019 | 41.295 |
| 10/24/2019 | 40.605 |
| 10/25/2019 | 40.345 |
| 10/28/2019 | 41.295 |
| 10/29/2019 | 40.645 |
| 10/30/2019 | 43.595 |
| 10/31/2019 | 44.345 |
| 11/1/2019 | 44.545 |
| 11/4/2019 | 44.095 |
| 11/5/2019 | 44.595 |
| 11/6/2019 | 44.595 |
| 11/7/2019 | 43.095 |
| 11/8/2019 | 43.095 |
| 11/12/2019 | 43.395 |
| 11/13/2019 | 43.595 |
| 11/14/2019 | 43.795 |
| 11/15/2019 | 44.685 |
| 11/18/2019 | 44.185 |
| 11/19/2019 | 43.135 |
| 11/20/2019 | 43.285 |
| 11/21/2019 | 43.695 |
| 11/22/2019 | 44.045 |
| 11/25/2019 | 44.045 |
| 11/26/2019 | 43.795 |
| 11/27/2019 | 44.095 |
| 11/29/2019 | 43.295 |
| 12/2/2019 | 42.745 |
| 12/3/2019 | 42.52 |
| 12/4/2019 | 42.77 |
| 12/5/2019 | 44.62 |
| 12/6/2019 | 42.42 |
| 12/9/2019 | 44.395 |
| 12/10/2019 | 44.695 |
| 12/11/2019 | 45.895 |
| 12/12/2019 | 46.095 |
| 12/13/2019 | 45.195 |
| 12/16/2019 | 45.495 |
| 12/17/2019 | 43.945 |
| 12/18/2019 | 45.395 |
| 12/19/2019 | 46.645 |
| 12/20/2019 | 46.445 |
| 12/23/2019 | 47.145 |
| 12/24/2019 | 47.645 |
| 12/26/2019 | 47.695 |
| 12/27/2019 | 46.745 |
| 12/30/2019 | 45.045 |
| 12/31/2019 | 45.345 |
Source: Bank of New York Mellon and author calculations
Figure 6. Frequency and Volume of Borrowing from FHLBs
| Share of Borrowing Volume | Frequency of Borrowing (Percent of Days) |
|---|---|
| 100 | 36.1 |
| 99 | 54.7 |
| 98 | 72 |
| 95 | 73.9 |
| 90 | 82.1 |
| 85 | 86.5 |
| 80 | 90.2 |
| 70 | 92.2 |
| 60 | 94 |
| 50 | 95.6 |
| 40 | 96.5 |
| 30 | 98.2 |
| 20 | 98.7 |
| 10 | 99.4 |
| 1 | 100 |
Note: Figure shows the share of total fed funds borrowing from FHLBs (y axis) that was obtained by banks borrowing at least as frequently as each value on the x axis over Jan 2016-Feb 2018.
Source: Federal Reserve Board, Report of Selected Money Market Rates (FR2420) and author calculations.
Figure 7. Arbitrage Borrowing and the Spread to IORB
$Billions
| Frequent and Low Rate (left scale) | weighted FHLB fed funds spread to IORB (right scale) | |
|---|---|---|
| Jan-16 | 45.1 | -14.3 |
| Feb-16 | 49.9 | -13.1 |
| Mar-16 | 49.1 | -13.3 |
| Apr-16 | 47.6 | -13.0 |
| May-16 | 43.3 | -12.6 |
| Jun-16 | 46.2 | -11.6 |
| Jul-16 | 46.4 | -9.6 |
| Aug-16 | 45.9 | -9.7 |
| Sep-16 | 44.1 | -9.6 |
| Oct-16 | 46.5 | -9.4 |
| Nov-16 | 50.9 | -9.1 |
| Dec-16 | 54.3 | -9.0 |
| Jan-17 | 55.1 | -8.7 |
| Feb-17 | 59.0 | -8.8 |
| Mar-17 | 60.3 | -8.9 |
| Apr-17 | 58.0 | -8.8 |
| May-17 | 61.3 | -8.7 |
| Jun-17 | 58.6 | -8.6 |
| Jul-17 | 64.9 | -8.7 |
| Aug-17 | 65.4 | -8.7 |
| Sep-17 | 62.0 | -8.7 |
| Oct-17 | 62.3 | -8.6 |
| Nov-17 | 58.1 | -8.5 |
| Dec-17 | 55.7 | -8.3 |
| Jan-18 | 56.7 | -7.9 |
| Feb-18 | 56.7 | -7.8 |
| Mar-18 | 54.0 | -7.0 |
| Apr-18 | 43.6 | -5.6 |
| May-18 | 44.2 | -4.8 |
| Jun-18 | 38.4 | -4.2 |
| Jul-18 | 37.4 | -3.8 |
| Aug-18 | 29.8 | -3.4 |
| Sep-18 | 28.3 | -2.8 |
| Oct-18 | 21.2 | -1.4 |
| Nov-18 | 21.9 | -0.3 |
| Dec-18 | 22.4 | -0.2 |
| Jan-19 | 18.2 | 0.3 |
| Feb-19 | 25.8 | 0.1 |
| Mar-19 | 26.9 | 0.3 |
| Apr-19 | 22.9 | 1.9 |
| May-19 | 20.9 | 3.5 |
| Jun-19 | 22.4 | 2.1 |
| Jul-19 | 23.0 | 4.3 |
| Aug-19 | 23.2 | 1.8 |
| Sep-19 | 20.8 | 7.1 |
| Oct-19 | 22.2 | 3.3 |
Source: Federal Reserve Board, Report of Selected Money Market Rates (FR2420) and author calculations.
Figure 8. Fed Funds Borrowing by Cohort
$Billions
| Frequent and Low Rate | Frequent and High Rate | Infrequent | |
|---|---|---|---|
| Jan-16 | 45.1 | 13.2 | 6.7 |
| Feb-16 | 49.9 | 14.8 | 6.2 |
| Mar-16 | 49.1 | 13.7 | 4.7 |
| Apr-16 | 47.6 | 13.2 | 5.9 |
| May-16 | 43.3 | 14.6 | 5.3 |
| Jun-16 | 46.2 | 15.9 | 6.0 |
| Jul-16 | 46.4 | 16.5 | 4.1 |
| Aug-16 | 45.9 | 16.7 | 3.3 |
| Sep-16 | 44.1 | 16.9 | 2.4 |
| Oct-16 | 46.5 | 15.3 | 3.9 |
| Nov-16 | 50.9 | 13.0 | 3.8 |
| Dec-16 | 54.3 | 15.3 | 4.1 |
| Jan-17 | 55.1 | 13.6 | 4.4 |
| Feb-17 | 59.0 | 15.8 | 4.1 |
| Mar-17 | 60.3 | 18.1 | 3.5 |
| Apr-17 | 58.0 | 12.8 | 3.7 |
| May-17 | 61.3 | 11.7 | 4.1 |
| Jun-17 | 58.6 | 15.9 | 5.4 |
| Jul-17 | 64.9 | 18.2 | 5.0 |
| Aug-17 | 65.4 | 20.7 | 6.8 |
| Sep-17 | 62.0 | 20.8 | 6.2 |
| Oct-17 | 62.3 | 20.2 | 7.6 |
| Nov-17 | 58.1 | 23.5 | 9.6 |
| Dec-17 | 55.7 | 25.5 | 9.7 |
| Jan-18 | 56.7 | 22.2 | 11.6 |
| Feb-18 | 56.7 | 24.2 | 17.9 |
| Mar-18 | 54.0 | 23.7 | 17.5 |
| Apr-18 | 43.6 | 17.1 | 12.9 |
| May-18 | 44.2 | 17.0 | 20.7 |
| Jun-18 | 38.4 | 21.7 | 18.8 |
| Jul-18 | 37.4 | 21.0 | 19.5 |
| Aug-18 | 29.8 | 16.9 | 21.8 |
| Sep-18 | 28.3 | 18.6 | 23.3 |
| Oct-18 | 21.2 | 18.1 | 21.2 |
| Nov-18 | 21.9 | 19.8 | 22.7 |
| Dec-18 | 22.4 | 20.5 | 24.9 |
| Jan-19 | 18.2 | 19.6 | 23.0 |
| Feb-19 | 25.8 | 21.5 | 24.3 |
| Mar-19 | 26.9 | 20.4 | 27.7 |
| Apr-19 | 22.9 | 16.0 | 23.8 |
| May-19 | 20.9 | 18.5 | 24.1 |
| Jun-19 | 22.4 | 18.5 | 21.9 |
| Jul-19 | 23.0 | 20.0 | 22.7 |
| Aug-19 | 23.2 | 17.8 | 20.2 |
| Sep-19 | 20.8 | 19.8 | 21.5 |
| Oct-19 | 22.2 | 23.7 | 18.6 |
Source: Federal Reserve Board, Report of Selected Money Market Rates (FR2420) and author calculations.
Last Update:
September 19, 2025