Fed’s repo market footprint goes back to zero

New York skyscrapers and flag

The Federal Reserve has no outstanding interventions in the repo market for the first time since September 16, 2019, according to its data.

Banks’ demand for the New York Fed’s repo operations fell to zero this week, in a possible sign that funding conditions might be returning to normal. Also, the final outstanding term loan matured on July 7, removing the last $53 billion of intervention from the market. 

The NY Fed’s repo operations have been a daily source of funds for banks since repo

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