Federal Reserve: Policy rates and bond purchases were unchanged, though the Fed flagged ‘tapering’ may be nearing.
Market Rates: US cash rates were generally stable in July, with three-month LIBOR moving lower to 0.12% from 0.15%.*
Macro: US headline inflation exceeded expectations once more, coming in at 5.4% in June from 5.0% in May, with the core rate rising to 4.5% year-on-year.
Fed Fund Target Rate: 0.00% - 0.25%
1-month Fund Yield (Gross): 0.15%
1-month Fund Yield (Net): 0.00**