I was reviewing my Fed alerts for their open market activity today and was completely surprised by one word in a subject line. That word was "drains." The Fed actually initiated what is called a "reverse repo" agreement today, which is the opposite of a "repo"...(thank you Captain Obvious.) A reverse repo pulls cash out of the systems. That's right, the Fed pulled cash out of the US economy! In fact, they pulled $7.25 billion out of the market. I don't think I was the only one that was shocked because I got a correction from the Fed a few minutes later when whoever sends those alerts out forgot to include the actual ... (full story)