Market Trends - Demand for a major Federal Reserve facility decreased to a four-year low [1] - Investors and banks rebalanced portfolios after month-end, putting money back to work [1]

Market Liquidity - Funds parked at a major Federal Reserve facility dropped to the lowest level in more than four years [1] - Treasury Department issues more short-dated debt to finance the growing deficit [1] - Increased Treasury debt issuance is luring cash away from a key source of market liquidity [1]