Curvature Securities Research Reports

Curvature Securities' research focuses on critical developments across short-term funding markets and central bank policy dynamics. In its August 26, 2026 Repo Market Commentary, the firm details the Federal Reserve's balance sheet reduction agenda under Fed Chair Warsh. A central focus is the Fed's stated objective to shrink the SOMA portfolio from $6.37 trillion down to $3 trillion following the recent termination of Reserve Management Purchases. The commentary also closely monitors liquidity conditions, observing that General Collateral repo traded in a 3.63% to 3.72% range before closing at 3.72%. Concurrently, key money market benchmarks settled with SOFR at 3.660% and EFFR at 3.630%. Finally, the publication underscores notable activity in specials trading across Treasury maturities, highlighted by 5-year paper closing down at 3.35%.