The asset-backed commercial paper market saw an apparent spike in volume during the first two days of July. According to figures posted by the Federal Reserve, month-end outstandings in June came in at just below $720 billion, though the Fed reports outstanding ABCP at $734.7 billion for Wednesday, July 2, implying a near $15 billion increase in just two days. The market pushed up an additional $7.6 billion to end last Wednesday at $742.3 billion.

In terms of the initial $15 billion two-day spike, whether it reflects an actual surge of issuance is unclear, as the last time numbers showed a significant and unexplained jump, the Fed later footnoted the increase as a reporting anomaly. This time it does not appear to be associated with the inclusion of previously existing programs, an official commented. The Fed's numbers reflect data provided by the Depository Trust Company.

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