Global liquidity The Fed Minute video series
Laurie Brignac
July 31, 2026
Global liquidity Invesco Global Liquidity Monthly
Invesco Global Liquidity commentary on cash and short‑term markets
Explore insights from the Invesco Global Liquidity team on trends influencing cash and short‑duration markets. Each monthly commentary provides an overview of the market and rate environment, liquidity and funding conditions, and includes recent market data and trend charts highlighting key themes.
August 2026
The July Federal Open Market Committee (FOMC) meeting delivered a hawkish hold, but markets treated the outcome as a potential credibility problem for Chairman Kevin Warsh as markets interpreted the press conference as more dovish than expected.
Short-term US Treasury bill yields were little changed in July. However, yields on longer-maturity US Treasury notes and bonds jumped, led by the 30-year US Treasury bond which moved convincingly above 5%.1
From a strategy perspective, the jump in yields, and our view that the Federal Reserve (Fed) is likely to stay in a holding pattern, provided the opportunity to extend weighted average maturities (WAM) in select money market strategies and ultrashort strategies.
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Important information
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All data as of July. 31, 2026, unless otherwise stated. All data provided by Invesco unless otherwise noted. All data provided is in USD.
The opinions expressed are those of the authors and are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties, and assumptions; there can be no assurance that actual results will not differ materially from expectations.
FOMC: The FOMC (Federal Open Market Committee) is the branch of the Federal Reserve Board (the Fed) that sets U.S. monetary policy.
Hawkish: A stance referring to the preference for tighter monetary policy, such as higher interest rates, to control inflation.
Weighted Average Maturity: The average time to maturity of the securities held in a money market fund, weighted by the dollar amount of each security.
Dovish: A stance referring to the preference for looser monetary policy, such as lower interest rates, to support economic growth and employment.
Fixed-income investments are subject to credit the effects of changing interest rates. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to risk of the issuer and meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.
Treasury securities are backed by the full faith and credit of the US government as to the timely payment of principal and interest.
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