The Marriner S. Eccles Federal Reserve building in Washington, DC. Photographer: Alex Wroblewski/Bloomberg Pressures simmering in the $12 trillion market that serves as a critical source of day-to-day funding on Wall Street are spurring a growing chorus of calls for a more forceful Federal Reserve response to ease the pinch. Bank of America Corp., SMBC Nikko Securities Inc. and Barclays Plc are among firms warning that the central bank may need to take steps such as lending more in short-term markets or ...

The U.S. Secured Overnight Financing Rate (SOFR) rose by 18 basis points to 4.22% on November 3, marking its largest single-day increase in a year. The spike may have been driven by heightened government shutdown risks prompting the U.S. Treasury to concentrate short-term debt issuance. The resulting surge in Treasury supply likely drained liquidity from funding markets, pushed up repo rates, and in turn lifted SOFR. https://t.co/gaA7wjoXUp ...