“Fed says it will offer an additional $500 billion in overnight repo funding markets”
March 17, 2020
“In a mid-day announcement, the New York Fed said it willconduct a $500 billion repo operation this afternoon, another move targeted at keeping money flowing through the system. Repo involves banks putting up high-quality collateral like Treasurys in exchange for the liquidity they need to conduct operations.
Monday’s move comes after the Fed stepped up the operations last week, offering up to $1.5 trillion to an industry hungry for the Fed’s offerings. The operation will have a same-day settlement, running from 1:30 to 1.:45 p.m. The minimum bid rate is 0.1%…”