NY Fed speeds up repo withdrawal
US banks’ demand for cash remains high as NY Fed’s first term repo is oversubscribed
US banks’ cash demands remained elevated today (February 18) in the Federal Reserve Bank of New York most recent term repo issue.
The new repo schedule, released on February 14, revealed the New York Fed’s plans to accelerate its withdrawal from active collateralised lending.
The New York Fed will now offer banks $25 billion for a 14-day term repo, down from the $30 billion it offered from February 4. Despite the reduced amount on offer today, banks demanded just under $40 billion from the New
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