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Question: Has the Fed's quantitative tightening program impacted the liquidity space?

Deborah Cunningham: The quantitative program by the Fed has definitely started to add securities back into the marketplace. The liquidity team that we manage here, however, focuses on short term treasury securities, those being basically treasury bills, treasury bond, treasury notes that are less than a year in duration, and that's not where the quantitative tightening focus has been from the Federal Reserve. What they have instead focused on are longer- and medium-term treasury securities. Where that has been a little bit helpful has been in the repurchase agreement market. Repos are transactions that we use within our money market products, and when there's more collateral out there to back these repurchase agreements, like there is from the quantitative tightening perspective with longer dated treasury and agency securities, that's a little bit of a benefit, but it is not as much of a benefit as it would be if the securities that were being put back into the marketplace were on a direct ownership basis, eligible for money market funds.