DJ Fed Accepts $3.75 Bln In Overnight RPs:

Treasury Collateral Operation
Total accepted: $537 Mln
Total submitted: $6.75 Bln
Stop-Out Rate: 4.92%
Weighted Average: 4.98%
High-rate submitted: 5%
Low-rate submitted: 4.8%

That’s pretty much it. I don’t recall any more clear warning than that, in years.

The rate cut is imminent. One more auction like that and I would say that the rate cut comes in July.

My previous estimate was for September rate cut.