Notes for Fri, Apr 24, 2026

No baseline, no Tier 1 updates, no observations, no commentary — close brief is a placeholder with nothing to mark.

Session recap

No morning brief ran and no intraday desk updates, observation deltas, or commentary landed through the session. There is nothing to reconcile against a baseline and no numeric moves in rates, repo, TGA, FRED, or OFR feeds to flag.

Treat this close as an empty tape from our side: absence of data, not absence of activity in the market. PMs should not infer calm — infer pipeline gap.

Positioning into tomorrow

Carry priors from the prior session unchanged. Re-baseline off tomorrow morning's brief; if the AM run is also empty, escalate to data-ops before the NY open rather than trading off stale marks.

No view changes on front-end, repo, or bill supply from today's (non-)flow. Watch for a catch-up print of observations overnight that could collapse two sessions of moves into a single delta.

Generated by Short Rates Desk. Informational only. Not investment advice.