Should the Fed’s Fima facility be made permanent?

Emergency repo facility reassures reserve managers about access to cash during breakdown in US Treasuries market

When the economic effects of the Covid-19 pandemic hit global financial markets in March 2020, the US Federal Reserve responded by lowering interest rates, resuming asset purchases, and providing an array of liquidity backstop programmes to support banks, money market funds, corporations and overall market function. Some of these measures had been deployed during the global financial crisis, but a number of them were new, including the temporary repurchase agreement facility for foreign and

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