US Rates: An uneventful year-end for repo

• Repo markets over year end were more subdued than expected, with balances reaching $473 billion in the afternoon on December 31st.
• The Fed's balance sheet runoff, or QT, is expected to end by the first quarter of the year, with reserves holding above $3 trillion for most of last year.
• Potential delays in ending QT could be influenced by the resolution of the debt ceiling and the desired amount of reserves banks want to hold.

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