NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos

• Something is broken/collapsed! Why are banks still not lending to one another despite their US$1.3Trillion in excess reserves?
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• NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos
  by Tyler Durden, https://www.zerohedge.com/
  Anyone who expected that the easing of the quarter-end funding squeeze in the repo market would mean the Fed would gradually fade its interventions in the repo market, was disappointed on Friday afternoon when the NY Fed announced it would extend the duration of overnight repo operations (with a total size of $75BN) for at least another month, while also offer no less than eight 2-week term repo operations until November 4, 2019, which confirms that the funding unlocked via term repo is no longer merely a part of the quarter-end arsenal but an integral part of the Fed’s overall “temporary” open market operations… which are starting to look quite permanent. This is the statement published moments ago by the NY Fed:
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  In accordance with the most recent Federal Open Market Committee (FOMC) directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct a series of overnight and term repurchase agreement (repo) operations to help maintain the federal funds rate within the target range.
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