-
Oversubscribed US Fed Repo Operation Shows Year-End Cash Hunger
Money-market participants wary of year-end funding pressures are taking advantage of cash being offered by the Federal Reserve to carry them through the rest of 2019, with the central bank’s term repurchase-agreement operation oversubscribed once again on Monday. The Federal Reserve Bank of New York’s 42-day term repo operation attracted $42.55 billion in bids, more than the $25 billion on offer. This action, with a maturity of Jan. 13, 2020, was the second of three operations to provide funding past the year-end period. The maximum size of the Dec. 2 term operation was increased last week to $25 billion from its ... (full story)