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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at First Republic (FRC) and other notable earnings (page 1) followed by a dive into the monster bid for bills maturing prior to debt ceilings (page 2). We also take a look at the Overnight Reverse Repurchase facility and bill issuance (page 3).  We then switch over to an update of our Five Fed Composite (page 4), preview this week’s upcoming Treasury auctions (page 5), and the fresh low in S&P 500 positioning (pages 6-8).

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