With everyone (grudgingly or otherwise) now admitting that the Fed's repo and QE4 was responsible for the miraculous surge in stocks since the start of Q4 2019 (with the occasional exception of a handful of idiots), traders were especially focused on today's latest release of the next monthly schedule of repo operations to see if the Fed would, as Powell hinted before Congress, continue shrinking reducing the liquidity injection via repo. And sure enough, that's precisely what happened when the NY Fed announced that starting next week, the term repo, which this month dropped from a max of $35BN to $30BN, would be ... (full story)