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A thawing in dollar markets for European banks may be making it easier for the Federal Reserve to fund its balance sheet, which has ballooned to a record of more than $3 trillion.
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The European debt crisis is poised to flood U.S. banks with something they don’t want and can’t use: more money.
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Clients of the largest U.S. banks withdrew funds this month at the fastest weekly pace since the Sept. 11 attacks as a deposit-insurance program ended and customers tapped into their year-end cash hoards.
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Money market rates, which surged during the debate to raise the federal borrowing cap, dropped below zero percent as Europe’s sovereign-debt crisis bolstered U.S. government securities’ appeal as the world’s safest assets.
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The rate to borrow and lend U.S. government securities rose to an almost two-week high as demand for repurchase agreements declined after MF Global Holdings Ltd. declared bankruptcy and more securities entered the marketplace following auction settlements.
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Money-market derivative traders expect the U.S. central bank will lift its target rate for overnight loans a year earlier than Federal Reserve Chairman Ben S. Bernanke’s pledge of late 2014.
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NYSE Liffe U.S. began trading in futures contracts based on the Depository Trust & Clearing Corp. repurchase agreement indexes to enhance dealers ability to hedge short-term interest rates.
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The bailout that rescued Greece from a looming default has failed to restore confidence in credit markets, where traders are paying nine times more to insure European government bonds than they are for Treasuries.
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Treasury 10-year notes will become less coveted in the short-term market for borrowing and lending the securities by next week as the government sells more of the debt, according to Bank of America Corp. and Barclays Plc.
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U.S. money market rates dropped to about one-year lows as a change in deposit insurance fees makes some banks reluctant to lend securities and the Treasury reduces issuance of bills to avoid exceeding the debt limit.
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