Banks tapped the Federal Reserve’s short-term lending facility for more than $15bn over the past two days, in a sign of the liquidity pressures in the repo market that could drive the Fed to stop shrinking its balance sheet.
Banks borrowed $6.75bn on Wednesday and $8.35bn on Thursday from the Fed’s standing repo facility (SRF), the largest amount borrowed over a two-day period since the Covid-19 pandemic.
The SRF was introduced in 2021 as a permanent replacement for emergency repo operations launched by the Fed in the wake of market turmoil two years earlier.
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