Dollar Liquidity Crisis Accelerates As Month-End Nears, Record $92 Billion Demand
As month-end looms, demand for dollar liquidity is accelerating dramatically with today's Fed operation oversubscribed - with around $92 billion of demand for The Fed's $75 billion offering...
This is the heaviest demand yet for this new Fed liquidity spigot...
As we noted previously, some banks appear to have been simply waiting to get closer to the quarter end before tipping their cards: after all, just like the Discount Window, the repo operation has become the modern "stigmatizing" equivalent, and if reporters or clients get a whiff that a bank is in a dire liquidity state, the consequences could be dramatic.
Never mind though, it's probably all transitory.
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