Fed ramps up Covid-19 response

US Federal Reserve, Washington, DC

The US Federal Reserve has stepped up its efforts to avoid a second repo blowout and to help forestall the impact of the coronavirus on banks.

The central bank expanded the amount of cash it has been lending overnight and on a term basis on March 9, following a significant increase in banks’ demand for funding last week.

Banks can now receive an additional $50 billion of funding overnight and $25 billion in 14-day term repos (for totals of $150 billion and $45 billion respectively).

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