Primary Dealer Net Positions — Agency Debt in 2019
Primary Dealer Net Positions — Agency Debt opened 2019 at 13,832 and closed at 15,615, a +12.89% move for the year. The high of 25,496 was reached on March 20, and the low of 11,068 on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 13,832 | 11,068 | 16,169 | 11,068 | -19.98% |
| Feb | 13,221 | 15,689 | 18,182 | 13,221 | +18.67% |
| Mar | 16,588 | 16,305 | 25,496 | 16,305 | -1.71% |
| Apr | 18,972 | 14,612 | 18,972 | 14,612 | -22.98% |
| May | 16,400 | 18,832 | 18,832 | 15,349 | +14.83% |
| Jun | 16,410 | 15,487 | 20,250 | 15,487 | -5.62% |
| Jul | 17,815 | 13,127 | 17,815 | 13,127 | -26.31% |
| Aug | 15,337 | 21,394 | 21,394 | 15,337 | +39.49% |
| Sep | 17,116 | 14,532 | 19,536 | 14,532 | -15.10% |
| Oct | 13,031 | 12,706 | 17,588 | 12,706 | -2.49% |
| Nov | 12,293 | 19,808 | 19,808 | 12,293 | +61.13% |
| Dec | 18,662 | 15,615 | 19,821 | 15,615 | -16.33% |
Events During 2019
Hong Kong's 2019 protests over an extradition bill and Beijing's 2020 National Security Law reshaped the territory's role as Asia's financial hub. Capital outflows, reduced multinational presence, and regulatory divergence from the West had durable effects on regional finance.
Overnight repo rates spiked from 2% to 10% on September 17, 2019, forcing the Fed to intervene with its first open market operations since 2008. The episode revealed structural strains in US money markets that persisted into 2020.
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