Demand wanes for NY Fed repo operations
Term repo was undersubscribed today and overnight repo saw lower demand
Demand appears to be waning for the additional repo operations conducted by the New York Fed in the wake of last week’s secured funding market turbulence.
In a sign that conditions may be settling down, a 14-day term repo operation received bids for $49 billion today (September 27), against $60 billion on offer, the first time the term repos have been undersubscribed since the New York Fed began offering them on September 24.
Demand for overnight operations has also been falling rapidly. The
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