According to data released by the Federal Reserve, the effective federal funds rate in the United States was 4.33% on April 1, with a trading volume of $112 billion, while on March 31, it was also 4.33%, with a trading volume of $78 billion.

This indicates that after entering April, the market's expectations for the federal funds rate remained stable, with no significant changes or signs of panic. The current short-term liquidity situation is stable, and there are no particular signs of funding tightness or relaxation.

The overnight lending volume among market participants increased by 43%, which may represent a liquidity adjustment at the beginning of the quarter (Q2), as institutions adjust positions, settle, or deploy funds. However, since the interest rate has not changed, the increased liquidity has not pushed up short-term financing costs, indicating that the market remains ample.

With the interest rate unchanged, the trading activity in the federal funds market has increased, and the demand for market liquidity has risen temporarily, but overall it remains robust, with no pressure on interest rates.

In simpler terms, the liquidity of the dollar has not tightened further, and there is an upward trend in the market's demand for funds. If funds were truly tight, the EFFR (effective federal funds rate) should have risen, rather than remaining at 4.33%.

To put it another way, funds are currently being positioned rather than exiting.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。