# Dollar funding stress — PENDING
id funding-stress · Markets · horizon acute · checked — · at this level since — · stale after —
Assessed by an AI model (Anthropic Claude) against published rubrics; not a forecast or advice · CC BY 4.0 · https://canary.danleech.com/s/funding-stress

Not assessed yet; the next scheduled run will rate it.

Why it matters: Overnight dollar funding is the plumbing of global finance; repo-rate spikes came before the market seizures of September 2019 and March 2020.
What moves it: Bank reserves, Treasury issuance and cash balances, quarter-end window dressing, Fed balance-sheet policy.

Rubric — Alert: SOFR more than 25bp above IORB, or Fed repo operations above $50bn in a day, or emergency Fed liquidity facilities. | Watch: SOFR 10–25bp above IORB on any day in the past week (the top ~10% of weeks since 2024), or Fed repo operations of $15–50bn in a day. | Normal: SOFR less than 10bp above the Fed's interest on reserves (IORB) on every day of the past week, and Fed repo operations under $15bn.