Funding costs at the short end squeezed up markedly yesterday in what might be a sign of an uncomfortable close to the calendar year for lenders.The interest rate on one-month securities jumped 15 basis points to 7.23 basis points yesterday morning. The one-month rate has increased 22 basis points over two days, and is about a third of a percentage point higher than three weeks ago.The three month and six month interest rates weren't much affected yesterday though these rates have also drifted up by between 20 and 30 basis points over the last three to four weeks, to around 7.30 per cent and 7.40 per cent respectively, though not because of the RBA's manipulation of the cash rate in early November to its current target rate of 6.75 per cent.Yesterday's squeeze may be an aberration linked to global money market reaction, or disappointment, at the cut of only 25 basis points and not 50 in the US Fed's target interest rates on Tuesday night.Alternatively end of year funding pressures may be coming to the fore in a manner that's unusual for Australia's banking industry, but a manifestation of the hoarding of liquidity that's become the dominant theme in financial markets since August.