Repo Rates: Rates trended higher but pressures receded after increased intervention. Fed Open Market Operations: Average daily intervention jumped to $81bn during the week; Repo operations will continue at least through January.

Key points

  • Fed Balance Sheet: Fed begins reserve management program with $60bn Treasury bills purchases through mid-November; program will continue at least into 2Q20
  • U.S. Treasury: Treasury general account increases to $362bn
  • Financial Markets: Markets not fazed by earlier turbulence or ongoing announcements

 

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