Signs of US banks’ year-end funding concerns continue
New York Fed’s second 42-day term operation oversubscribed by $18 billion
US banks continue to signal concerns over their year-end funding needs, recent Federal Reserve Bank of New York repo interventions reveal.
On December 2, banks demanded over two-thirds more cash than what was on offer in the New York Fed’s second repo operation designed to bridge year-end funding needs. In the first of these operations, on November 25, banks demanded nearly double the offered amount.
In November, the New York Fed announced it would be conducting multiple term repos, which
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