Reduction in issuance of T-bills and other Treasury debt will counter the effect of the Fed's impending taper of asset purchases.

"Episodes of market dysfunction are not only likely to continue but to occur with increasing frequency" unless market-making capacity for Treasuries trading is increased or the U.S. halts the rapid build-up of its debt outstanding.

Upcoming numbers releases could indicate where Fed is going next.

The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again. While the risk that Uncle Sam might default by missing…

Eventually, the Fed will have to scale back its bond buying, which will cause bond-market volatility and dissent within the FOMC.

ICE plans to extend the transition away from dollar LIBOR till mid-2023, but regulators are still encouraging banks to move ASAP.

Yields in the CP market have reached levels not seen since 2008, leaving some corporates scrambling to find cash elsewhere.

As the fed funds market dries up, the FOMC is asking what's next. This decision could have dramatic consequences for financial markets.