I seem to remember that during the last financial crisis the overnight repo market completely dried up. This struck me as the impetus for the central banks and treasuries to inject huge amounts of liquidity into the markets during that time. It's interesting to me that we're seeing this kind of action in the repo market with no catalyst driving it. Last time there was lots of drama in the markets before we saw this, this time it's hitting before we see any other problems. I'm certainly not seeing the reasons for this manifestation.

Posted using Partiko Android