New York Fed provides emergency repo market support

New York Fed
Jazz Guy

The Federal Reserve Bank of New York injected liquidity into the financial system for a second day in a row today (September 18), as the market continued to show major signs of stress.

The New York Fed’s open market desk conducted repurchase agreements (repos) in a bid, which ultimately proved unsuccessful, to keep the federal funds rate in the target range. The operation today was oversubscribed, with banks requesting a total of $80 billion against $75 billion on offer.

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