What is this REPO stuff all about? Let lebas_janney (and Homer) explain
Bloomberg: ‘This is crazy!’: Wall Street scurries to protect itself in repo surge... Business Insider: The Fed just pumped $128 billion into markets to pull down interest rates, its first injection in 10 years
Basically, the repo market is like plumbing in the U.S. financial system, making sure banks have enough cash to meet their short-term needs. A repo trade happens when a firm offers high-quality securities, like U.S. Treasurys UST, +0.18% , as collateral to raise cash and finance their trading and lending activities overnight. The borrowers the next day pay back those loans, with interest — essentially, they repo the bonds.
If you’re still confused, Guy LeBas, Janney Capital Management’s fixed income strategist, is here to explain, with the help of “The Simpsons”: — Guy LeBas September 17, 2019 Normally @NewYorkFed would fix these short term problems with "TOMOs" or "Temporary Open Market Operations" but they appear non-reactive thus far for whatever reason. 8/x pic.twitter.com/BLJHK5fB0E
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