By Invitation · Macro ·
Funding Microstructure: TGCR and CP Spreads as a Stress-Monitoring Framework, Q2 2026
Short-term funding conditions remain calm on the surface.
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The Memos
- VFunding Microstructure: TGCR and CP Spreads as a Stress-Monitoring Framework, Q2 2026Preview
Short-term funding conditions remain calm on the surface.
- IVTreasury Cash Balance — Signal Hierarchy Over Headline SOFR — Q2 2026Preview
This note reconstructs April 2026 funding conditions from Fed operating remarks, liability composition, and settlement research.
- IIITreasury Basis - Dealer Capacity as the Binding Constraint - Q1 2026Preview
The Treasury basis trade sits at the center of the current rates plumbing debate.
- IITreasury Basis: Funding Fragility Through Dealer Books, Q1Preview
Q1 kept the Treasury basis trade central to rates microstructure, but the decisive signals sat below the public leverage debate.
- IInaugural memo — thesis & mandatePreview
What Moda is, how it is different, and what members can expect this quarter.