Market Information Wednesday 23 September 2026

Market participants at a New York Fed conference voiced support for allowing the US Treasury to invest a portion of its nearly 1 trillion dollar cash buffer, held in the Treasury General Account (TGA), into private repo markets rather than leaving it parked at the Fed. Proponents argue the move would stabilise money market liquidity and generate a return on idle government cash, though participants stressed the importance of a transparent and predictable process to avoid disruptive swings in market liquidity. The proposal comes as the Treasury has been struggling to contain rising borrowing costs through expanded debt buyback operations, with some speculation that TGA cash could be deployed to augment those efforts.

Trump used his address to the UN General Assembly to defend the Iran war, warning he faces a “big decision” on whether to strike a deal or “annihilate” the country, while predicting an agreement will follow the November midterm elections. He touted a new military deal with Greenland and Denmark and dismissed Cuba as a “failed state,” while expressing confidence that energy prices will fall sharply once the conflict ends. On AI, which Trump rebranded as “superintelligence,” he reaffirmed his opposition to regulatory guardrails, framing US dominance in the technology as central to global power.

The Clarity Act, a comprehensive crypto market structure bill, stalled in the US Senate, prompting the SEC and CFTC to move swiftly to fill the regulatory void using their existing authority. The SEC created a temporary pathway for trading tokenised stocks, while the CFTC submitted a separate rulemaking proposal to the White House for review. A bipartisan coalition of state attorneys general is meanwhile pushing back, arguing that federal legislation would undermine states’ ability to protect consumers from crypto fraud.

The 6M Euribor increased with 1 basis point to 2.99% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.50% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.