Municipalities relied less on interim financing in 2022, which triggered a 25.6% decline in short-term note issuance, resulting in historically low volume for the year, according to municipal sources.
Gold finished the year on a strong note, with Managed Money reaching a net-long position of 50k. Gross positioning topped out just shy of $100B in Feb 2022 and then crashed to $58B as of Sept 2022.
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