Fed takes first step to unwind repo support

New York skyscrapers and flag

The Federal Reserve Bank of New York has taken steps to reduce its activity in the domestic repo market after seeing signs of more stable market conditions.

It marks the Fed’s first move to pare back some of the forceful action taken over recent weeks to support the financial system, which has been disrupted by the outbreak of the coronavirus.

The New York Fed has removed one of the two daily $500 billion repo operations and reduced the frequency of the three-month term operations to once

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