Huge repo demand
The latest fixed-rate reverse repo operation had 59 counterparties and the take down was more than a half-trillion.
The money goes to Fed overnight and it surpasses the prior record of $497.4B, which was set a day ago.
These numbers have absolutely soared this year from close to nothing to $50 billion in April to ten times that now. It’s a sign of incredible demand for dollar funding and overwhelming amounts of dollars in the system.