Global liquidity 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.

September 2026

• The Federal Reserve (Fed) held the federal funds rate steady in August, while increasingly hawkish Fed rhetoric culminated in Chairman Kevin Warsh's Jackson Hole speech. Warsh reaffirmed the Fed's 2% Personal Consumption Expenditures (PCE) inflation target as a "firm, fixed" objective and said he was "hard pressed" to characterize current financial conditions as restrictive.
• Treasury Secretary Scott Bessent also emerged as a key market force, announcing expanded Treasury buyback operations focused on longer-dated securities, a move he characterized as a "Treasury Twist." US Treasury yields were marginally higher month over month, except for the 30-year Treasury bond.
• From a strategy perspective, front-end rates held firm, T-bill supply remained elevated, and Warsh's hawkish pivot at month-end supported the prospect of a September rate hike.