This, from a WSJ article linked in the post, would seem to be important context: > Fed repo operations take in Treasury, agency and mortgage bonds from eligibl

This, from a WSJ article linked in the post, would seem to be important context: > Fed repo operations take in Treasury, agency and mortgage bonds from eligible banks in exchange for short-term loans of cash. They are effectively collateralized loans from the central bank, and they are designed to ensure the financial system has enough liquidity to keep short-term rates relatively steady. > The Fed has used repo operations, as well as purchases of government securities, for decades to control short-term interest rates, which is key to its ability to influence the direction of the economy. > The Fed’s response to the financial crisis and its aftermath, however, put repo operations on the shelf for just over a decade. The Fed started using them again in mid-September after interest rates in the repo markets, where firms borrow and lend securities and cash short-term, unexpectedly spiked. https://www.wsj.com/articles/new-york-fed-again-upsizes-liquidity-plans-for-turn-of-the-year-11576187805 https://www.wsj.com/articles/new-york-fed-again-upsizes-liqu... I think it matters quite a bit whether these operations are an unusual emergency measure, or the Fed is merely resuming common operations that it paused in the wake of the financial crisis.