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Summary points from an interview with Dr. Manmohan Singh (Senior Financial Economist at the IMF)

This last week of February was probably the most eventful week in the Fixed-income space after March, 2020.

February 2020 saw a lot of 0 interest rate trades going in. Now, in May 2020, we are seeing a lot of NIRP action.

The underlying reserves are not scarce anymore but the FF market is still active - because Fed funds are being used for the payment system.

Repo (repurchase agreement) is essentially collateralized lending which is organised as a sale and purchase of securities. One party...

For each market maker, there is an associated price of money. Securities in terms of deposits, deposits in terms of currency and so on..