Monthly U.S. Money Market Commentary

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Recap

Expectations for an exit from Zero Interest Rate Policy (ZIRP) were dealt a one-two punch, with the FOMC deciding not to raise rates at its September 16-17 meeting citing global growth concerns and the disappointing September Non-Farm Payrolls release both pushing expectations for a rate hike further into the future. The most visible impact on the short end may be the 1 year T-Bill yield, which had been rising steadily from less than 0.10% in the fall of 2014 to peak at 0.46% on the eve of the FOMC meeting, only to fall back down to 0.23% after the Payroll number came out. Interestingly, the reaction of term credit levels (LIBOR or Commercial Paper) has been much more muted.

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