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US - Do US banks have a liquidity problem? Or a "good" collateral shortage? QE4 implemented using repo market as excuse - since September 2019 & now w

sharon sanders

sharon sanders

Editor-in-Chief & President
Wed, 10/16/2019 - 09:03


snip

Alas, as of this morning when the Fed's latest repo operation was once again oversubscribed, it appears that the repo turmoil is not only not going away, but is in fact (to paraphrase Joe Biden) getting worse, because even with both term and overnight repos in play and with the market now expecting the Fed to start injecting copious liquidity tomorrow with the first Bill POMO, banks are still cash starved.

https://www.zerohedge.com/markets/so...epo-rate-jumps
 
[h=1]Fed's Second "Not QE" T-Bill POMO Is 4.8 Oversubscribed[/h]
snip

As such the question we have been asking for the past month remains: why are banks still so desperate for liquidity even though the Fed has now made clear the Fed's balance sheet will expand to accommodate all reserve needs, and why do they so stubbornly refuse to approach the interbank market for their funding needs?

In short, what do they know about the banking system that we don't?

https://www.zerohedge.com/markets/feds-second-not-qe-t-bill-pomo-48-oversubscribed
 
Fed injects 211 billion dollars into system in last 2 business days.....


[TABLE="border: 0, cellpadding: 0, cellspacing: 0"]
[TR]
[TD]Repo and Reverse Repo Operations[/TD]
[/TR]
[/TABLE]
[TABLE="border: 0, cellpadding: 0, cellspacing: 0"]
[TR]
[TD="width: 83%"]The New York Fed conducts repo and reverse repo operations each day as a means to help keep the federal funds rate in the target range set by the Federal Open Market Committee (FOMC). Operation results include all repo and reverse repo operations conducted, including small value exercises.

About Repo and Reverse Repo Agreements | Statements and Operating Policies | FAQ on Reverse Repurchase Agreement Operations | Repurchase Agreement Operational Details | FAQ on Repurchase Agreement Operations[/TD]
[/TR]
[/TABLE]
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Friday, October 25, 2019
Delivery Date: Friday, October 25, 2019
Maturity Date: Monday, October 28, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 3 Days
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:30 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]67.593[/TD]
[TD]67.593[/TD]
[TD]1.80[/TD]
[TD]1.801[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]9.750[/TD]
[TD]9.750[/TD]
[TD]1.80[/TD]
[TD]1.805[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]77.343[/TD]
[TD="width: 11%"]77.343[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]


Deal Date: Thursday, October 24, 2019
Delivery Date: Thursday, October 24, 2019
Maturity Date: Friday, October 25, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:45 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]71.154[/TD]
[TD]71.154[/TD]
[TD]1.80[/TD]
[TD]1.804[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]18.000[/TD]
[TD]18.000[/TD]
[TD]1.80[/TD]
[TD]1.811[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]89.154[/TD]
[TD="width: 11%"]89.154[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Thursday, October 24, 2019
Delivery Date: Thursday, October 24, 2019
Maturity Date: Thursday, November 07, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 14 Days
Term of Operation - Business Days : 10 Days
Operation Close Time: 08:15 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]47.550[/TD]
[TD]34.256[/TD]
[TD]1.73[/TD]
[TD]1.747[/TD]
[TD]1.77[/TD]
[TD]1.72[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]14.600[/TD]
[TD]10.744[/TD]
[TD]1.75[/TD]
[TD]1.766[/TD]
[TD]1.78[/TD]
[TD]1.73[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]62.150[/TD]
[TD="width: 11%"]45.000[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [/TD]
[/TR]
[/TABLE]
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Wednesday, October 23, 2019
Delivery Date: Wednesday, October 23, 2019
Maturity Date: Thursday, October 24, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:30 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]42.254[/TD]
[TD]42.254[/TD]
[TD]1.80[/TD]
[TD]1.803[/TD]
[TD]1.81[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].100[/TD]
[TD].100[/TD]
[TD]1.80[/TD]
[TD]1.800[/TD]
[TD]1.80[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]7.500[/TD]
[TD]7.500[/TD]
[TD]1.80[/TD]
[TD]1.804[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]49.854[/TD]
[TD="width: 11%"]49.854[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [/TD]
[/TR]
[/TABLE]




Deal Date: Tuesday, October 22, 2019
Delivery Date: Tuesday, October 22, 2019
Maturity Date: Wednesday, October 23, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:45 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]54.404[/TD]
[TD]54.404[/TD]
[TD]1.80[/TD]
[TD]1.808[/TD]
[TD]1.83[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD]1.000[/TD]
[TD]1.000[/TD]
[TD]1.81[/TD]
[TD]1.810[/TD]
[TD]1.81[/TD]
[TD]1.81[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]9.500[/TD]
[TD]9.500[/TD]
[TD]1.80[/TD]
[TD]1.813[/TD]
[TD]1.83[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]64.904[/TD]
[TD="width: 11%"]64.904[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]



Deal Date: Tuesday, October 22, 2019
Delivery Date: Tuesday, October 22, 2019
Maturity Date: Tuesday, November 05, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 14 Days
Term of Operation - Business Days : 10 Days
Operation Close Time: 08:15 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]39.900[/TD]
[TD]31.141[/TD]
[TD]1.76[/TD]
[TD]1.772[/TD]
[TD]1.81[/TD]
[TD]1.75[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]12.300[/TD]
[TD]3.859[/TD]
[TD]1.78[/TD]
[TD]1.788[/TD]
[TD]1.80[/TD]
[TD]1.75[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]52.200[/TD]
[TD="width: 11%"]35.000[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

Deal Date: Monday, October 21, 2019
Delivery Date: Monday, October 21, 2019
Maturity Date: Tuesday, October 22, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:30 AM


[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"]Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High[/TD]
[TD="width: 10%, align: right"]Low[/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]50.950[/TD]
[TD]50.950[/TD]
[TD]1.80[/TD]
[TD]1.804[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].500[/TD]
[TD].500[/TD]
[TD]1.82[/TD]
[TD]1.820[/TD]
[TD]1.82[/TD]
[TD]1.82[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]6.700[/TD]
[TD]6.700[/TD]
[TD]1.80[/TD]
[TD]1.817[/TD]
[TD]1.83[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]58.150[/TD]
[TD="width: 11%"]58.150[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

https://apps.newyorkfed.org/markets/...ate=01/01/2000
 
https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000

[TABLE="border: 0"]
[TR]
[TD]Deal Date: Monday, October 28, 2019
Delivery Date: Monday, October 28, 2019
Maturity Date: Tuesday, October 29, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:30 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]66.833[/TD]
[TD]66.833[/TD]
[TD]1.80[/TD]
[TD]1.801[/TD]
[TD]1.81[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]9.750[/TD]
[TD]9.750[/TD]
[TD]1.80[/TD]
[TD]1.806[/TD]
[TD]1.82[/TD]
[TD]1.80[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]76.583[/TD]
[TD="width: 11%"]76.583[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]
 
I am not going to continue to post the daily fed repo operations. It is anticipated this action will continue into 2020.

snip

No matter the cause, it's clear the Fed will be forced to continue pumping tens of billions of dollars into the system daily for the foreseeable future..
"It is worrisome that these numbers continue to rise, and we don't yet have a very clear explanation," said Colas.

https://www.cnn.com/2019/10/25/business/overnight-lending-market-federal-reserve/index.html
 
So the government is saying that the huge injection of cash into the system since September is to provide liquidity ("ample reserves regime") and keep an equilibrium in the flow of cash ("mitigate the risk of money market pressures").

Money Market Developments: Views from the Desk

November 04, 2019
Lorie K. Logan, Senior Vice President
Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City

snip


Over the course of the year, there have been important developments in the Federal Reserve’s framework for implementing monetary policy, and the markets in which we operate have continued to evolve. I’d like to focus today on what the New York Fed’s Open Market Trading Desk (the Desk) is currently doing to implement the FOMC’s ample reserves regime, particularly over the next several months.

In mid-October, the FOMC directed the Desk to maintain over time ample reserve balances at or above the level that prevailed in early September, and we recently began Treasury bill purchases to achieve that objective. Since it will take some time to accumulate securities holdings, we also continue to conduct temporary repurchase agreement (repo) operations in order to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures that could adversely affect policy implementation.

Although money market conditions have calmed since the mid-September volatility, the Federal Reserve is carefully monitoring reserves conditions and money market developments, and the Desk will continue to use its tools and adjust operational plans as needed to maintain the federal funds rate in the FOMC’s target range.

https://www.newyorkfed.org/newsevents/speeches/2019/log191104

--------------------------------------------------------------

In September 2019 JPMorgan reportedly (link) stopped participating in the repo markets by supplying cash in order to buy back stock, pay dividends, and reallocate portfolio to buy long term debt (at historically low rates). Why?


Timeline:

September 12 - 4th Democratic debate. The various policies of the candidates are more clear.

September 17 - Fed announces program of massive injection of cash into system using repo function effective immediately. Denies quantitative easing verbage. link

September 24 - After weeks of debate, Rep. Pelosi announces official impeachment inquiry 5 business days after fed announces the beginning of huge cash flows into system. link

September 25 - Quinnipiac poll publishes final version of report that Biden (a moderate and establishment candidate) has slipped and is now tied with Warren (a progressive who advocates for income equality through taxation) for lead in Democratic race. link

October 14 - JP Morgan Chase (largest US bank) shares rise after bank posts record revenue above Wall Street expectations. link

November 1 - JP Morgan Chase officially announces buyback of $900 million of its stock (all series P preferred stock) on 12/1/19. link

November 4 - Fed promises continued cash injection into system "over the next several months". (see above for link)

November 5 - DOW hits another record high of 27,492.63. link
 
[h=1]November 6th, 2019, 7:55 AM EST[/h]
Deutsche Bank AG President Karl von Rohr discusses the challenge that low interest rates pose to Europe's financial industry. "With inflation factored in, the result is a creeping erosion of our European customers' assets, and this doesn't in any way take into account the wealth destruction in the pension systems," Rohr said Wednesday at Bloomberg’s Future of Finance conference in Frankfurt.

https://www.bloomberg.com/news/vide...ative-rates-worsen-europe-banks-retreat-video
 
Powell, the Federal Reserve Chairman, on the current repo effort:


Powell called the operations “technical measures” that do not reflect a change in monetary policy, though the moves have led to a $270 billion expansion in the Fed balance sheet.

He also repeated that fiscal policy is on an unsustainable path and could limit the ability to respond to an economic downturn. (This comment is in reference to the budget deficit. ss.)

https://www.cnbc.com/2019/11/13/fed...ly-to-change-as-long-as-growth-continues.html
 
October 28, 2019

snip

In recent days, executives at JPMorgan Chase & Co. and Goldman Sachs blamed stringent post-crisis liquidity rules that penalized banks if they didn’t hoard cash reserves beyond usual capital requirements, or excess reserves. Part of the issue was their holdings of Treasurys weren’t considered on par with cash.

Analysis by the Fed last year showed a select few banks held the majority of the reserves in the financial system, drawing questions why they did not pass them round to other cash-starved market participants.

“Banks did not have a distribution problem, they have a concentration issue,” Cabana said. “The banks could have lent their reserves, but they didn’t want to. Because banks are told by their supervisors they need to hold a high amount of assets in the most liquid form — reserves — those who had reserves didn’t want to have them falling further,” he said.

https://www.marketwatch.com/story/t...-ensure-it-will-never-happen-again-2019-10-22
 
Federal reserve extends pay back time in over night markets calling it "operations". Any other name but QE4.


Statement Regarding Repurchase Operations
November 14, 2019

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released the schedule of repurchase agreement (repo) operations for the monthly period from November 15, 2019 through December 12, 2019. In accordance with the most recent FOMC directive, the Desk will continue to offer at least $35 billion in two-week term repo operations twice per week and at least $120 billion in daily overnight repo operations.

The Desk will also offer three additional term repo operations during this calendar period with longer maturities that extend past the end of 2019. These additional operations are intended to help offset the reserve effects of sharp increases in non-reserve liabilities later this year and ensure that the supply of reserves remains ample during the period through year end. They are also intended to mitigate the risk of money market pressures that could adversely affect policy implementation. The Desk will adjust the timing and amounts of repo operations as necessary to maintain an ample supply of reserve balances over time and based on money market conditions, consistent with the directive from the FOMC.

Detailed information on the schedule and parameters of term and overnight repurchase agreement operations are provided on the Repurchase Agreement Operational Details site.


https://www.newyorkfed.org/markets/o..._policy_191114



------------------------------------------------------------------------------


Look at the terms...all are 2 week minimums. Some are a month or more.


Schedule of Overnight and Term Repurchase Agreement Operations
[TABLE="border: 0"]
[TR]
[/TR]
[TR]
[TD]Tuesday, 11/19/2019[/TD]
[TD]Tuesday, 12/3/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Thursday, 11/21/2019[/TD]
[TD]Thursday, 12/5/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Monday, 11/25/2019[/TD]
[TD]Monday, 1/6/2020[/TD]
[TD]42-days[/TD]
[TD]At least $25 billion[/TD]
[/TR]
[TR]
[TD]Tuesday, 11/26/2019[/TD]
[TD]Tuesday, 12/10/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Wednesday, 11/27/2019[/TD]
[TD]Thursday, 12/12/2019[/TD]
[TD]15-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Monday, 12/2/2019[/TD]
[TD]Monday, 1/13/2020[/TD]
[TD]42-days[/TD]
[TD]At least $15 billion[/TD]
[/TR]
[TR]
[TD]Tuesday, 12/3/2019[/TD]
[TD]Tuesday, 12/17/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Thursday, 12/5/2019[/TD]
[TD]Thursday, 12/19/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Monday, 12/9/2019[/TD]
[TD]Monday, 1/6/2020[/TD]
[TD]28-days[/TD]
[TD]At least $15 billion[/TD]
[/TR]
[TR]
[TD]Tuesday, 12/10/2019[/TD]
[TD]Monday, 12/23/2019[/TD]
[TD]13-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[TR]
[TD]Thursday, 12/12/2019[/TD]
[TD]Thursday, 12/26/2019[/TD]
[TD]14-days[/TD]
[TD]At least $35 billion[/TD]
[/TR]
[/TABLE]
[TABLE="border: 0"]
[TR]
[/TR]
[TR]
[TD]Friday, 11/15/2019 - Thursday, 12/12/2019[/TD]
[TD]At least $120 billion[/TD]
[/TR]
[/TABLE]


https://www.newyorkfed.org/markets/d...details#_blank
 
Are the banks hoarding cash? If so, why?

Blaming regulations? Why did the banks suddenly need to move money around with long standing regulations in place and why is this problem getting worse?


snip

He said in further testimony Thursday that the repo chaos might have been caused by bank reserves getting too scarce two months ago. But he also addressed the possibility -- something raised recently by JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon -- that regulations clogged the plumbing, preventing banks from moving money around.

There are aspects of regulations that could be adjusted to allow liquidity “to flow more freely in the system without undermining safety and soundness,” Powell said.

https://www.bloomberg.com/news/arti...s-repo-market-under-control?srnd=economics-vp
 
It's a party! omg....97.9 BILLION today. Banks had asked for an additional 17.55 but it was not accepted. 25 billion of the 97.9 billion is a loan for 42 days.

[TABLE="border: 0"]
[TR]
[TD]eal Date: Monday, December 02, 2019
Delivery Date: Monday, December 02, 2019
Maturity Date: Tuesday, December 03, 2019
Type of Operation: Reverse Repo
Auction Method: Fixed-Rate
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 01:15 PM
Participating Counterparties: 2
Accepted Counterparties: 2



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"] [/TD]
[TD="width: 11%, align: right"]Award[SUP]3[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD].015[/TD]
[TD].015[/TD]
[TD] [/TD]
[TD]1.45[/TD]
[TD]N/A [/TD]
[TD]N/A [/TD]
[TD] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD]
rule_grey_v.gif
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD]

Deal Date: Monday, December 02, 2019
Delivery Date: Monday, December 02, 2019
Maturity Date: Tuesday, December 03, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:45 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]52.950[/TD]
[TD]52.950[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]19.950[/TD]
[TD]19.950[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.56[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]72.900[/TD]
[TD="width: 11%"]72.900[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD]
rule_grey_v.gif
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD]

Deal Date: Monday, December 02, 2019
Delivery Date: Monday, December 02, 2019
Maturity Date: Monday, January 13, 2020
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 42 Days
Term of Operation - Business Days : 28 Days
Operation Close Time: 08:15 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]29.750[/TD]
[TD]16.405[/TD]
[TD]1.60[/TD]
[TD]1.617[/TD]
[TD]1.65[/TD]
[TD]1.56[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD]1.000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]1.58[/TD]
[TD]1.57[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]11.800[/TD]
[TD]8.595[/TD]
[TD]1.62[/TD]
[TD]1.629[/TD]
[TD]1.65[/TD]
[TD]1.58[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]42.550[/TD]
[TD="width: 11%"]25.000[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]

https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
So what if China is selling off their large holding of US treasuries to raise cash and the US gov told US banks to buy treasuries to absorb the effect? This would diminish the US banks available cash for the repo market and - gee...the fed would have to step in to support the repo market.

Why the need for this "massive" amount of financial support of the repo markets by the fed? Why now? Why potentially create such a huge balloon effect in the US stock market as a consequence of repo operations?

We do not warn only about disease outbreaks on this site. Economic downturns and subsequent job instability are a health threat.



OPERATING POLICY

Statement Regarding Repurchase Operations
December 12, 2019

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released the schedule of repurchase agreement (repo) operations for the monthly period from December 13, 2019 through January 14, 2020. In accordance with the most recent FOMC directive, the Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation.

The Desk will continue to offer two-week term repo operations twice per week, four of which span year end. In addition, the Desk will also offer another longer-maturity term repo operation that spans year end. The amount offered in this operation will be at least $50 billion.

Overnight repo operations will continue to be held each day. On December 31, 2019 and January 2, 2020, the overnight repo offering will increase to at least $150 billion. In addition, on December 30, 2019, the Desk will offer a $75 billion repo that settles on December 31, 2019 and matures on January 2, 2020.

The Desk intends to adjust the timing and amounts of repo operations as needed to mitigate the risk of money market pressures that could adversely affect policy implementation, consistent with the directive from the FOMC.

Detailed information on the schedule and parameters of term and overnight repurchase agreement operations are provided on the Repurchase Agreement Operational Details site.


https://www.newyorkfed.org/markets/opolicy/operating_policy_191212
 
[TABLE="border: 0"]
[TR]
[TD]Deal Date: Monday, December 16, 2019
Delivery Date: Monday, December 16, 2019
Maturity Date: Tuesday, December 17, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:45 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]23.500[/TD]
[TD]23.500[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD]1.000[/TD]
[TD]1.000[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]11.900[/TD]
[TD]11.900[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]36.400[/TD]
[TD="width: 11%"]36.400[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD]
rule_grey_v.gif
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD]

Deal Date: Monday, December 16, 2019
Delivery Date: Monday, December 16, 2019
Maturity Date: Friday, January 17, 2020
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 32 Days
Term of Operation - Business Days : 22 Days
Operation Close Time: 08:15 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]29.850[/TD]
[TD]28.759[/TD]
[TD]1.56[/TD]
[TD]1.576[/TD]
[TD]1.60[/TD]
[TD]1.56[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]24.400[/TD]
[TD]21.241[/TD]
[TD]1.58[/TD]
[TD]1.604[/TD]
[TD]1.64[/TD]
[TD]1.56[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]54.250[/TD]
[TD="width: 11%"]50.000[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
Please see:


China reduced its holdings of U.S. Treasuries for the fourth consecutive month - December 17, 2019

"Foreign holders slightly reduced their holdings of US Treasury bonds by US $ 1.6 billion in October.

Since 2019, China's holdings of U.S. Treasury bonds have not increased significantly."


One reason why the fed probably started to fund the repo market. Banks being required to buy US treasuries (debt)? that lowers their available cash - until the fed swaps for cash in the repo market daily.


How can the fed unwind this situation?
 
Today's repo tally 57.75 Billion:

[TABLE="border: 0"]
[TR]
[TD]Deal Date: Monday, December 30, 2019
Delivery Date: Tuesday, December 31, 2019
Maturity Date: Thursday, January 02, 2020
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: 1 Day Forward
Term of Operation - Calendar Days : 2 Days
Term of Operation - Business Days : 1 Day
Operation Close Time: 10:15 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]7.400[/TD]
[TD]7.400[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]11.250[/TD]
[TD]11.250[/TD]
[TD]1.55[/TD]
[TD]1.557[/TD]
[TD]1.56[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]18.650[/TD]
[TD="width: 11%"]18.650[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD]
rule_grey_v.gif
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD]

Deal Date: Monday, December 30, 2019
Delivery Date: Monday, December 30, 2019
Maturity Date: Tuesday, December 31, 2019
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 1 Day
Term of Operation - Business Days : 1 Day
Operation Close Time: 08:45 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]15.500[/TD]
[TD]15.500[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]15.300[/TD]
[TD]15.300[/TD]
[TD]1.55[/TD]
[TD]1.550[/TD]
[TD]1.55[/TD]
[TD]1.55[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]30.800[/TD]
[TD="width: 11%"]30.800[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD="align: right"]
arrow_up.gif
Top[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD] [TABLE="border: 1"]
[TR]
[TD]
rule_grey_v.gif
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD]

Deal Date: Monday, December 30, 2019
Delivery Date: Monday, December 30, 2019
Maturity Date: Tuesday, January 14, 2020
Type of Operation: Repo
Auction Method: Multiple Price
Settlement: Same Day
Term of Operation - Calendar Days : 15 Days
Term of Operation - Business Days : 10 Days
Operation Close Time: 08:15 AM



[TABLE="border: 1"]
[TR]
[TD]Results[/TD]
[TD="colspan: 2"]Amount ($B)[/TD]
[TD="colspan: 5"]Rate (%)[/TD]
[/TR]
[TR]
[TD="width: 20%"]Collateral Type[/TD]
[TD="width: 13%, align: right"] Submitted[/TD]
[TD="width: 11%, align: right"]Accepted[/TD]
[TD="width: 11%, align: right"]Stop-Out[SUP]1[/SUP][/TD]
[TD="width: 11%, align: right"]Weighted
Average[SUP]2[/SUP][/TD]
[TD="width: 10%, align: right"]High [/TD]
[TD="width: 10%, align: right"]Low [/TD]
[TD="width: 14%, align: right"] [/TD]
[/TR]
[TR]
[TD="align: left"]Treasury[/TD]
[TD]6.050[/TD]
[TD]6.050[/TD]
[TD]1.56[/TD]
[TD]1.570[/TD]
[TD]1.57[/TD]
[TD]1.56[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Agency[/TD]
[TD].000[/TD]
[TD].000[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD]N/A[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="align: left"]Mortgage-backed[/TD]
[TD]2.250[/TD]
[TD]2.250[/TD]
[TD]1.56[/TD]
[TD]1.562[/TD]
[TD]1.58[/TD]
[TD]1.56[/TD]
[TD] [/TD]
[/TR]
[TR]
[TD="width: 20%"]Total[/TD]
[TD="width: 13%"]8.300[/TD]
[TD="width: 11%"]8.300[/TD]
[TD="colspan: 9"] [/TD]
[/TR]
[/TABLE]

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[TD] [TABLE="border: 1"]
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Top[/TD]
[/TR]
[/TABLE]
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[TR]
[TD] [TABLE="border: 1"]
[TR]
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[/TD]
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[/TABLE]


https://apps.newyorkfed.org/markets...=TRUE&startDate=01/01/2000&enddate=01/01/2000
 
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