Treasury weighs lending cash into repo market as TGA nears $1 trillion

• —Treasury's TGA could reach about $1.05 trillion by late October under its cash plan
• —The advisory committee in May estimated only 0–2 basis points of economic return
• —Fed's Roberto Perli said overnight repo rates averaged slightly below the rate on reserves
• —Roughly $400 billion of net bill issuance put only modest pressure on repo rates