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General Collateral Rate Surges To Highest Level In 7 Years

In what may be an indication of a major collateral shortage, but most likely is simply a case of quarter-end "window dressing", the overnight general collateral rate soared to 0.82% this morning, its highest print in nearly seven years, and roughly where it would trade if the Fed had hiked in September. GC soared to 0.85% yesterday afternoon yesterday after opening at around 0.
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