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Banks' "reporting" dates are known inflection points in the short-term funding markets and typically fall at the end of the month, quarter, and of course the year. But periodically, the 15th of the month is also a pressure point. Such was the case this past Monday when a short-term funding rate that had been hovering around 2.21% soared as high as 10%.
The funding market succumbed to a trifecta of pressures:
Payments on corporate taxes were due on 15 September, leading to high redemptions of more than $35 billion in money market funds.