Fed dominated MMF repo trades in March

US money market funds ploughed $1.58 trillion of cash into repo markets on March 31, the highest month-end total for at least nine years.

MMFs invested $1.05 trillion in US Treasury repo at quarter-end, up 34% on end-February, $475.9 billion in US agency bond repo, down 5% and $48 billion in other repo, down 26%.

Funds conducted $284.9 billion of trades with the Federal Reserve for Treasuries on March 31 through its reverse repo facility, the most since December 2017. The central bank was the

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