St Louis Fed president calls for standing repo facility

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The Federal Reserve should create a standing repo facility to help solve its problems in controlling interest rates, St Louis Fed president James Bullard said.

“I would like to see a repo facility,” Bullard said during a panel discussion in London today. It would solve “almost all” of the central bank’s problems in controlling rates over recent weeks, he argued.

On September 16 and 17, repo rates hit 10%, pushing the federal funds rate rate beyond the upper limit of the target range.

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