US banks show signs of year-end funding concerns
Banks demanded nearly twice the amount of cash on offer in NY Fed’s new term repo
US banks demanded nearly twice the amount of cash that was on offer from the Federal Reserve Bank of New York’s first repo operation designed to bridge year-end funding needs.
Earlier this month, the New York Fed announced it would be conducting multiple term repos, which would extend into January. The move was designed to help offset any shortages of reserves following an anticipated “sharp increase” in flows of funds into non-reserve liabilities around the turn of the year.
A large flow of
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