At Any Rate: Of funding and refundings

In this episode of J.P. Morgan's "At Any Rate" podcast, host Jay Barry discusses recent developments in repo markets and Treasury supply with experts Teresa Ho and Phoebe White. Teresa Ho explains the confluence of factors leading to increased funding pressures and suggests the Fed should end QT and consider lowering IORB or the SRF rate. Phoebe White discusses the upcoming quarterly refunding announcement, a slightly better budget outlook, and expectations for QT, anticipating the first round of coupon auction size increases in November of next year and focusing on the front end and belly of the curve. The conversation also touches on the potential impact of stable coin market growth and adjustments to the Treasury's buyback program.