The Overnight Loan Market That Quietly Runs Wall Street
Trillions in repo loans keep markets funded each night. At September's quarter-end, the plumbing groaned.
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Written by
Chris Murphy
The Loans Behind Buyouts, And What A $9 Billion Collapse Revealed
Leveraged loans fund debt-heavy companies. First Brands' fast fall shows how quickly one can go to zero.
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The Ancient Asset Central Banks Are Buying By The Ton
Gold hit record highs in 2025 as central banks stockpiled it. Here is what role it actually plays.
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The Emergency Cash Window Banks Are Afraid To Use
The Fed's oldest backstop lends to banks in a pinch. Its biggest flaw is that banks fear being seen using it.
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The Pension Strategy That Broke Britain's Bond Market
Pensions match assets to future payouts using leverage and bonds. In 2022, that machine seized in the UK.
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The One-Day Options Now Steering The Whole Market
Options that expire the same day are half of all S&P 500 options trading. Dealers hedging them can move stocks.
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How Your Car Loan Becomes A Bond Someone Else Owns
Auto loans get bundled and sold as bonds. When borrowers fall behind, the cracks show up in slices.
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The Index Fund That Quietly Bets More On Fewer Stocks
A market-cap index gives the biggest companies the biggest weight. Today ten stocks are about 40% of the S&P 500.
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The Autopilot Fund Holding Most Of America's Retirement
Target-date funds shift from stocks to bonds as you age. That glide path runs on autopilot, for better or worse.
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The New Order That Could Put Private Equity In Your 401(k)
An August 2025 order opens retirement plans to private assets. Here is what that changes about your nest egg.
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How Washington Decides Which Debt To Sell You
Every quarter the Treasury sets how much long and short debt to sell. That mix shapes rates for everyone.
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How The Fed Actually Moves The Rate That Moves Everything
The Fed sets one rate that ripples into every loan. It steers that rate with tools most people never see.
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The Quiet Trade That Lets ETFs Skip A Tax Bill
ETFs avoid the capital-gains bills mutual funds send. A pending SEC move would share that break widely.
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The Middleman Being Forced Into The Treasury Market
New rules will route Treasury trades through a clearinghouse. Here is what that middleman does with your risk.
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The Insurance Policy You Can Buy On Debt You Do Not Own
A credit default swap pays out if a borrower defaults. It can hedge risk, or multiply it.
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The 90-Day IOU That Funds Big Companies Every Day
Commercial paper is a $1.3 trillion market where blue-chip firms borrow for weeks at a time.
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The Fund That Only Opens Its Doors A Few Times A Year
Interval funds hold private assets and buy back shares on a schedule. The calendar is the whole design.
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The Digital Dollar That Lives Or Dies On Its Reserves
A new law would force stablecoins to hold cash and short Treasuries. Here is why the reserve is everything.
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The Private-Credit Fund That Lets You Out Only Once A Quarter
Non-traded BDCs sell private loans to retail. They cap how much you can withdraw each quarter.
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How Your Mortgage Becomes A Bond The Fed Once Bought
Most home loans get bundled into bonds. The Fed holds about $2 trillion of them and is letting them run off.
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What Actually Stands Behind The $250,000 On Your Deposits
FDIC insurance is a promise backed by a fund the banks pay into. Here is how that fund really works.
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How A Grade From Three Firms Prices The World's Debt
Moody's just cut the last perfect US rating. Here is what that grade actually measures and moves.
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The Tax Break That Funds Your City, Now In Question
Muni bonds fund schools and roads, and their tax break is on the table in the 2025 budget fight.
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The Cushion That Decides If A Bank Survives A Bad Year
The rules that set how much cushion big banks hold are being rewritten. Here is what the cushion does.
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