There's definitely an imbalance at play here. But the Fed's actions have not been shifting dramatically. I don't know what the FT piece is referring to when the

There's definitely an imbalance at play here. But the Fed's actions have not been shifting dramatically. I don't know what the FT piece is referring to when they say they increased the size of Monday's operation. That is not reflected on the Fed's schedule of operations. The term offering Monday is distinct in the term length (~1 month), not its size. That means the value will be held on the Fed's books for longer than the 2-week term and overnight term operations that they've been running continuously. https://www.newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/repo-reverse-repo-agreements/repurchase-agreement-operational-details#operation-schedule-parameters https://www.newyorkfed.org/markets/domestic-market-operation... I expect this longer term offer is because there is the expectation of year-end stress in outlays and could destabilize the market toward year-end. This term offering runs through the first week of Jan, so they're hoping to smooth over the possibility of year-end illiquidity.