New York Fed injects liquidity for third straight day
Operation was oversubscribed for second day in a row, with banks requesting $83 billion
The Federal Reserve Bank of New York completed a third open market operation today (September 19) to help ease strains in repo markets.
On September 18, Fed chair Jerome Powell hinted the tool may be used on more occasions over the next month, speaking during the Federal Open Market Committee press conference.
Powell said if episodes of funding pressures like those experienced this week recur, the New York Fed will continue to use open market operations until the FOMC discusses alternative
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