RMC

Repo Market Commentary Month- Mid- Refunding Quarter- August 17, 2026 10:00 AM 1 Week End Month Date End Open High Low Close Average 24-Aug 31-Aug 15-Sep 15-Nov 30-Sep General Collateral Fed Funds/EFFR 3.630 SOFR (T-1) 3.620 Agency MBS 3.694

Specials Issue 2 Year 4.125 7/ Year 4.25 8/ Year 4.375 7/ Year 4.375 7/ Year 4.625 8/ Year 5.0 5/ Year 5.125 8/ RRP Update RRP Volume RRP volume is down to just $250 million and it should hit zero soon when the six last participants give up. This is a 25 big change from just a few years ago when it reached $2.55 trillion on December 31, 2022. 20 Scott E.D. Skyrm 15

2 Year: Overnight Rates 3 Year: Overnight Rates 3.75 3.75

3.35 3.35 7/31/26 8/6/26 8/12/26 8/18/26 8/24/26 8/28/26 8/17/26 8/21/26 8/27/26 9/2/26 9/6/26 9/10/26 9/14/26

5 Year: Overnight Rates 10 Year: Overnight Rates 3.70 3.75

3.35 3.35 8/17/26 8/28/26 9/8/26 9/17/26 9/26/26 10/5/26 10/14/26 10/23/26 11/1/26 11/10/26 7/31/26 8/6/26 8/12/26 8/18/26 8/24/26 8/28/26