It's basically short-term lending market. Think overnight, or within a couple of weeks, as the loan terms. The full name is Repossession Market, since it acts l

It's basically short-term lending market. Think overnight, or within a couple of weeks, as the loan terms. The full name is Repossession Market, since it acts like a giant pawn shop. You walk in with some collateral, and walk out with cash and a promise to repay a little more to get your stuff back. Recent events have caused cash lenders to step back, so the Fed has been lending (more and more...) over the last couple of months. Why? Probably better to not look too closely at that Leviathan, citizen!