The Federal Reserve’s Large-Scale Repo Program

Kevin Clark, Antoine Martin and Timothy Wessel

No 20200803, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The repo market faced extraordinary liquidity strains in March amid broader financial market volatility related to the coronavirus pandemic and uncertainty regarding the path of policy. The strains were particularly severe in the term repo market, in which borrowing and lending arrangements are for longer than one business day. In this post, we discuss the causes of the liquidity disruptions that arose in the repo market as well as the Federal Reserve’s actions to address those disruptions.

Keywords: pandemic; COVID-19; repo market; Federal Reserve inventions (search for similar items in EconPapers)
JEL-codes: E5 G1 (search for similar items in EconPapers)
Date: 2020-08-03
New Economics Papers: this item is included in nep-mac and nep-mon
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