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Carbon tax protest at Nova Scotia-New Brunswick border | SaltWire #newbrunswick #novascotia #rallyNEW YORK - Wall Street is bracing for a potential bout of stress in money markets by putting some cash on the side ahead of U.S. tax day, when high tax-related outflows could hurt market liquidity.
Having more cash available ahead of tax day could also allow fund managers to take advantage of any potential volatility, some of them said, should borrowing costs increase because of higher demand for cash. In a previous round of QT in 2019, falling bank reserves led to a surge in the cost that banks and other market players pay to raise overnight loans to fund their trades, forcing the Fed to intervene by injecting liquidity into repo markets.
Tax season this year could be disruptive also because while overall liquidity remains abundant it may not be well distributed amongst banks, added Velis.
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