Starting Thursday, the repo operation offerings will escalate to $120 billion from the current $75 billion.
The New York Fed announced it is increasing its temporary overnight repo operations to $120 billion a day from the current $75 billion.
Starting Thursday, the repo operation offerings will escalate to $120 billion from the current $75 billion as the central bank continues to calibrate the right amount of funding needed to keep the markets operating properly and to hold the overnight funds rate within its target range. "It's just more evidence the Fed will not back off as yearend gets closer," said Mike Schumacher of Wells Fargo Securities' global head of rate strategy. "The Fed wants to take out more insurance. You had repo pick up last week. That might not have gone over too well."
Funding constraints caused the repo rate to jump to as high as 10% from around 2%, while the funds rate briefly rose 5 basis points above its target range.
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