The two Tuesday offerings of market repurchase agreements are meant to calm money markets and keep interest rates within an intended range.
The Federal Reserve sold $105 billion in market repurchase agreements, or repos, on Tuesday in a continued effort to calm money markets and bring interest rates within their intended range. The bank offered $75 billion in repos expiring overnight and $30 billion in repos expiring in 14 days. Banks bid for more than was available of each repo, signaling strong demand for the government-backed asset.
The Federal Reserve sold $105 billion in market repurchase agreements, or repos, on Tuesday in a continued effort to calm money markets and bring interest rates within their intended range. The bank offered $75 billion in repos expiring overnight and $30 billion in repos expiring in 14 days. Banks bid for more than was available of each repo, signaling strong demand for the government-backed asset.
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