GS FICC "There was much to-do in fixed income carry this week with Powell on the tapes speaking on reserves, funding markets, and what sounded like sooner-than-later end to QT, combined with higher SOFR rates (SOFR set 15bp higher on Thursday vs last Friday), SRF usage on Wednesday and Thursday (6.75bn and 8.35bn, respectively), TGCR ticking up from 4.12 last Friday to 4.25 (which is the SRF rate) yesterday. It feels like those with cash currently have the upper hand."(zerohedge)