Be Very Afraid: $1.4 Trillion Of Excess Bank Reserves And 10% Repo Don’t Compute

Yet while the book has yet to be written on the causes for last week’s shocking move higher in repo rates, which sent general collateral as high as 10%, a record print in a time of $1.4 trillion in excess reserves, we can shed some clarity on the definition of “reserves.” While there is a […]
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