The Fed Minute video series
Laurie Brignac
May 5, 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.
April 2026
Recent policy and market developments reinforced a “higher for longer” outlook, as the Federal Reserve held rates steady amid an unusually divided FOMC and cautious-to-hawkish messaging that emphasized persistent inflation and data dependence. Treasury yields moved higher, while expectations for near-term rate cuts faded. US money market fund assets declined in mid-April due to typicall Tax Day seasonality, and funding markets remained orderly. At the same time, commercial paper outstanding rose sharply to levels not seen since 2009, driven by increased issurance from non-financial corporates.
Important information
NA5444933
All data as of Apr. 30, 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.
Hawkish: A stance referring to the preference for tighter monetary policy, such as higher interest rates, to control inflation.
FOMC: The FOMC (Federal Open Market Committee) is the branch of the Federal Reserve Board (the Fed) that sets U.S. monetary policy.
CP Outstanding: The total face value of commercial paper that is currently active and has not yet matured or been repaid.
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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