Interbank repo spreads have increased slightly as seen in a rolling 90 interbank repo spread below, with 90/1D spread being the lone exception. 90/1D decreased from .82% on September 14, to .49% on September 17, 2018. 30/1D increased to .94% from a MoM low of .06. In 90 day comparisons the story is quite different with lower spreads than June 2018 counterparts. We believe there is an upward market pressure toward tightening, similar to what we discussed last week in regards to Shibor rates.