Journal
Notes from the rates desk.
Guides for finance teams, a monthly note on the front end of the curve, and every reserve report we have published.
Posts
8 published this year
Markets note
First Monday of every month
Reserve report
Every quarter, all numbers
Written by
The people who run the reserve
01 — Featured
02 — All posts
Everything we have
published, newest first.
Markets
The front end of the curve, September 2026
Four-week bills still pay more than one-year bills. What a gently inverted front end means for where we place your cash this month.
Company
Knurla passes $4 billion in client reserves
Eighteen months after our first sweep, more than 1,400 companies keep part of their runway with us. Here is what they taught us.
Guides
How a 13-week T-bill actually earns interest
Treasury bills pay no coupon. You buy them at a discount and get the full face value at maturity. Here is the arithmetic, step by step.
Product
Why we hold bills in your name, not in a fund
A money market fund owns the bills and you own shares of the fund. We think your company should own the bills directly. Here is why.
Guides
Dual approvals: a field guide for finance teams
Where to set thresholds, who should approve what, and how to keep controls strict without slowing payroll down.
Product
What same-day liquidity means at Knurla
Request a withdrawal before 2pm Eastern and the cash lands in your bank that afternoon. How we make that promise and keep it.
Company
Our Q2 2026 reserve report
Client reserves grew 38 percent in the quarter. Average maturity fell to 41 days. Every number, and what drove it.
Guides
A treasury policy template for startups
A one-page treasury policy your board can approve in a single meeting, with the three numbers every startup should decide in advance.
03 — Guides
Practical notes for
the finance team.
Treasury policy, approvals and the arithmetic of a Treasury bill, written for controllers rather than traders.
Guides
How a 13-week T-bill actually earns interest
Treasury bills pay no coupon. You buy them at a discount and get the full face value at maturity. Here is the arithmetic, step by step.
Guides
Dual approvals: a field guide for finance teams
Where to set thresholds, who should approve what, and how to keep controls strict without slowing payroll down.
Guides
A treasury policy template for startups
A one-page treasury policy your board can approve in a single meeting, with the three numbers every startup should decide in advance.
04 — The curve this week
Flat at the front, falling after 13 weeks.
Four-week bills still pay more than one-year bills. We keep most of the ladder at eight weeks or less while that lasts.
05 — Subscribe
One email, every other Monday.
The rates desk note: what the front end of the curve did, what we changed in the ladder and why. Three minutes to read.