STIR: Effective Fed Funds Rate

The legislation negotiated by the White House and House Republicans to raise the federal debt limit will face its final procedural hurdle today when it is considered by the House Rules Committee at 15:00 ET 20:00 BST.

• As part of a series of sweeteners to conservatives in January, House Speaker Kevin McCarthy (R-CA) placed three conservatives on the panel.
• For the legislation to stall in the Committee it would require all three conservatives and one other Republican to vote the bill down. This is highly unlikely but the House Freedom Caucus will hold a presser at 12:00 ET 17:00 BST to rally opposition to the bill and apply pressure on the panel.
• Punchbowl News notes the conservatives, Reps. Chip Roy (R-TX), Ralph Norman (R-SC) and Thomas Massie (R-KY), “are at risk to vote against the rule.” But highlights remarks from Massie earlier this year stating he wouldn't use his position, "to hold somebody hostage or hold legislation hostage.”
• If the legislation is discharged to the House floor, a full vote is likely to take place on Wednesday evening.
• For more analysis, see today's edition of our US Daily Brief.

• MNI: US Q1 FHFA HPI Q/Q SA +0.5% V +4.3% Q1 2022

FRBNY EFFR for prior session:

• Daily Effective Fed Funds Rate: 5.08% volume: $136B
• Daily Overnight Bank Funding Rate: 5.07% volume: $286B