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we're (as we speak) witnessing peak funding pressure until year-end the draining of reserves via TGA inflows should peak today, as the Treasury's appetite for funding has been satiated. a potentially eye-watering SOFR print this month-end has been negated only slightly by today's $40 billion+ tapped at the SRF. in one of the tightest funding periods this year, and with hundreds of billions currently trading above the Fed's cheapest rate (a.k.a minimum bid), you'd expect more SRF volumes. signpost: stigma remains. meanwhile, QT is finally over, as of December 1st. the Street panicked by brin

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