Money Market Fund Repo and the ON RRP Facility

Samuel J. Hempel, Calvin Isley, Robert Kahn and Patrick E. McCabe
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Samuel J. Hempel: https://www.federalreserve.gov/econres/sam-hempel.htm
Patrick E. McCabe: https://www.federalreserve.gov/econres/patrick-e-mccabe.htm

No 2023-12-15-2, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Between January 2021 and June 2022, money market funds' (MMFs') investments in the Federal Reserve's Overnight Reverse Repurchase (ON RRP) facility rose by $2 trillion, while their private repo lending fell by almost $500 billion. These sizable shifts give us an opportunity to examine how monetary policy implementation and the ON RRP facility interact with the private repo market.

Date: 2023-12-15
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2023-12-15-2

DOI: 10.17016/2380-7172.3412

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