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Fed’s Repo Op Is Undersubscribed, Suggesting Dealers at Capacity
The Federal Reserve Bank of New York’s operation to inject cash into the financing system over the end of the year was undersubscribed on Thursday, a possible indication that dealer balance sheets are nearing capacity. Primary dealers submitted $18 billion in bids for the Fed’s 14-day term repo operation, which matures Jan. 9. That was less than the $35 billion on offer. This is the third term operation aimed at year-end funding that has come in under the maximum amount. Thursday’s result could mean either that dealer balance sheets are approaching capacity, or that those who need funding for year-end have ... (full story)
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