- Stocks Surge As Fed Panics – Dramatically Increases Liquidity Provision Through Brexit Deadline
by Tyler Durden, https://www.zerohedge.com/
Many wondered what the driver of the late-day panic-buying across the US equity market was today. The answer is simple – The Fed… again.
In a statement issued at 1515ET, The New York Fed confirmed it would dramatically increase both its overnight and term liquidity provisions beginning tomorrow through November 14th.
That is a massive 60% increase in the overnight repo liquidity availability (from $75 billion to $120 billion) and a 28% surge in the term repo provision (from $35 billion to $45 billion). As a reminder, overnight liquidity demands have remained high since initiated...