Some proponents of the view that the U.S. economy is operating close to the NAIRU point to an apparent outward shift in the Beveridge curve – the relationship between job vacancies and unemployment – as indicating an increase in the structural level of unemployment.
Non-GC refers to non-general collateral and collateral-driven repo transactions. The chart displays the average spread of the respective repo rate to the € since the beginning of 2022. The latest observations are for 13 September 2022. Moreover, there has been a widening of the spread between short-term government bill rates and swaps with the same maturity (Chart 1).