The Federal Reserve may have succeeded in thwarting major year-end turmoil in funding markets, but 2020 is likely to bring a whole new set of concerns. The U.S. central bank has been injecting liquidity into markets through repurchase-agreement operations since mid-September in a bid to keep control of short-end rates. Earlier this month ramped up its offerings to help smooth the market’s path into January. It has also been bolstering system reserves through Treasury bill purchases. The results of the most recent repo actions, which were undersubscribed, suggest that there is now ample funding for the year-end turn. ... (full story)