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Hi Meyrick, Doesn't the TGA get liquidated during the Debt Ceiling anxieties to pay bills and will be re-built after the ceiling is passed when the Treasury can begin issuing debt again?

Also, I'm interested in the connection you draw between funding and deliveries in Chicago. I don't quite get the intuition behind the relationships. In an idealized sense, how should fails, RRP rates, TGA, etc, interact? You've included change in net short as a dimension but do you think actual deliveries would be a better dimension on which to analyze these relationships? If so, CUSIP level data can be found here:

https://www.cmegroup.com/clearing/operations-and-deliveries/registrar-reports.html

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