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Peapack-Gladstone Bank recently issued its Annual Privacy Notice for the Bank and its affiliates. It has come to our attention that some bank clients may have received the Privacy notice of our affiliate, Murphy Capital Management Inc. instead of the Privacy Notice for Peapack-Gladstone Bank. We have reissued the Annual Privacy Notice for Peapack-Gladstone Bank clients; however, if you would like to see the updated Annual Privacy Notice immediately, please follow the link below. Please note that if you would like to opt-out of sharing, please call 908-234-0700 or do so online at www.pgbank.com/policies .
The Weekly Economic & Market Recap
October 18, 2019
The repurchase (repo) market is a short-term financing venue where more than $3 trillion of cash and collateral are swapped each day and is a critical element which allows the U.S. financial system to function properly. On September 17th, the overnight repo rate spiked briefly to 10%, which was roughly 8% higher than its one-year average. There were three main causes that came together to drain enough liquidity out of the system to shock overnight rates. First, a vast sum of Treasuries settled on dealer’s balance sheets, which had to be paid for.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.
