Jeff Snider, Alhambra Investments Chief Investment Officer (@JeffSnider_AIP) and Emil Kalinowski (@EmilKalinowski) review three topics.  We review three articles Jeff wrote this week, trying to explain them a bit more than perhaps may be apparent at first glance. Firstly, why repurchase agreement stresses materialize prior to quarter-end.  Secondly, why low-low-low-limbo-proof interest rates (e.g. effective Federal Funds, overnight repo market rates) are not signalling success but further interbank stress.  Thirdly, why LIBOR and near-month Eurodollar futures are rising despite the "greatest liquidity event since Noah".