US mutual funds pulled back from repo market in Q2
Counterparty Radar: Cash borrowing fell to lowest level since 2020; JP Morgan remains top dealer
US mutual funds sharply reduced their reliance on short-term borrowing in the second quarter of this year, stepping back from the repo market, as the US Federal Reverse raised interest rates and began quantitative tightening to combat soaring inflation.
Cash borrowing dropped nearly 30% from $53 billion in the first quarter to $37 billion – the lowest level since the beginning of 2020, when this
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