with on start summary XX. slide I'll Aaron. Thanks, financing our
basis third current to average Our be was given funds from than prior but a quarter fourth cost funding the it quarter, points in down big should weighted the from improvement the X.XX% the XX This still quarter. declined target. higher Fed repo
additional but for year discussed to close we rates liquidity elevated combination outright $XXX was funds market to a our repriced by through Fed. the fourth operations the bill the repo overnight the Fed's treasury end was expectation indeed to This Fed provided quarter, at adding in repo end credit, target. the remain Fed improve And in trade then of market purchases. close and fact the open very quarter did very the billion to year gradually to over as with last liquidity significant As
The due requirements how term These regulatory funding was however, rates. quarter would challenging. Fed the more mainly rates elevated throughout year-end adversely about remained to impact repo uncertainty market, bank and the
the implied X% quarter. and average for as maturity in where these turn traded. such longer-term of up prices above actually between repo funding at overnight rates opportunities We funding better lock term of of substantially example, our funding to weighted in anticipation year For funding the were reluctant end the rate an shortened and X% somewhat later
on From show relative XX by we the peak improve the see quarter. of to on October, its the early Fed improvement the occurred improved that liquidity. measure rate. increasing In as throughout levels this by basis in repo an did you As the swap points rates about repo overnight chart gradual slide in top, in funding can XX materially rates the amount X-month added index
have rates repo this favorable remained Importantly, so far quarter.
key corresponds repo April obviously with level X-month now of is for timing rates also the when chart has takeaway first example The The last year. and bottom year-end. relative crossed spike at the XX-day the in year and repo given significantly more much that of associated however XX-day to end. is back OIS. improved December on The to was shows with uncertainty repo This volatile rate over
regulatory important further market we the months that be ahead, But the our repo and a will next measures purchases, will Fed to repo the improve permanent next bill initial as permanent include needed. facility open couple stop measures of transitions to may treasury as funding said, for over reform, from also away six quarters earnings. combination market the its particularly a of our Looking to operations but be focus and which expect on gap a to tailwind more
its the resolving commitment will demonstrated this repo We as to issue. happen are has Fed clearly this confident
totaled of increase of which our believe will billion from At XX% Turning our we swap $XX covered our to stable aggregate summary swaps track XXX% cost portfolio quarter to indexed our funds funding the time. a provide of prior off therefore over and actual funding, a We a of portfolio liabilities. or slide end, quarter more close XX. and slight was OIS hedge provide better for should SOFR. These
duration gap sensitivity. our Finally, on Slide we XX show duration gap and
our Given in the X.X slightly and increase rates years. minimal our activity, rebalancing longer-term gap to duration interest increased
to is With that we've the duration in back our flat. rally gap had January, today now
to over back call the turn Gary. I'll that, With