(not a finance guy) - what I was told when the Fed did this on Monday/Tuesday was that there was a perfect storm where businesses had way more withdrawals from

(not a finance guy) - what I was told when the Fed did this on Monday/Tuesday was that there was a perfect storm where businesses had way more withdrawals from their accounts than deposits (taxes + payroll iirc) which led to a situation where banks didn't have the cash on hand for the repo market and minimum balance required by statute. But that doesn't explain why the Fed is doing this over the next few weeks. No idea how accurate that is as a characterization, so someone help out via Cunningham's Law.