Core Insights - The decline in reserves is exerting upward pressure on market interest rates [1] - Initial signs of stress are emerging in the repurchase market [1] - Certain key reporting dates are particularly significant for this pressure [1] - The importance of the Standing Repo Facility (SRF) may increase for interest rate control [1]

Core Viewpoint - The decline in reserves is exerting upward pressure on market interest rates [1] Group 1 - Federal Reserve's Perli indicates that the decrease in reserves is impacting market dynamics [1]