NEW YORK, July 2 - A measure of the borrowing costs on loans between banks and other participants in the U.S. repurchase agreement market hit its highest level since January on Monday, New York Federal Reserve data released on Tuesday showed.
"SOFR should normalize in the coming days, as the supply gets digested," said Teresa Ho, head of U.S. short duration strategy at JPMorgan. "Everyone's keeping a close eye on it because it is reminiscent of what happened in 2019," said Gennadiy Goldberg, head of U.S. rates strategy at TD
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