New York Fed provides emergency repo market support
Overnight rates surged on September 17, breaching the Fed’s policy rate target band
The Federal Reserve Bank of New York injected liquidity into the financial system for a second day in a row today (September 18), as the market continued to show major signs of stress.
The New York Fed’s open market desk conducted repurchase agreements (repos) in a bid, which ultimately proved unsuccessful, to keep the federal funds rate in the target range. The operation today was oversubscribed, with banks requesting a total of $80 billion against $75 billion on offer.
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