Global liquidity The Fed Minute video series
Laurie Brignac
June 23, 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.
July 2026
We saw a shift toward scaled-back Federal Reserve (Fed) communications following Chair Kevin Warsh’s first FOMC meeting. While the Committee left rates unchanged, policy messaging was more hawkish than expected, and projections pointed to a higher path for interest rates. Short-term US Treasury yields moved higher in the second quarter as markets priced in additional Fed tightening, while funding market conditions remained orderly, supported by ample reserves and limited volatility. US money market fund assets reached another record high following the seasonal tax-related decline. As the yield curve has normalized and money market fund yields remain anchored by Fed policy, investors may find increased opportunities in ultra-short and short-term bond strategies relative to money market funds.
Important information
NA5727970
All data as of June. 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.
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.
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.
Ultra-short and short-term bond funds offer the potential for more yield than money market funds, in exchange for fluctuations in net asset value per share (NAV).
Leaving Invesco.com
This link takes you to a site not affiliated with Invesco. The site is for informational purposes only. Invesco does not guarantee nor take any responsibility for any of the content.
Americas_United States_Invesco US