Banks fail to match the Fed's latest repo operation, showing weaker demand for the capital injections
Primary lendersfrom the Fed's 14-day repo on Thursday, falling under the $35 billion set aside for the day's offering. The operation was the third in recent days to exceed banks' demand.
The Fed also offered an overnight repo on Thursday with a $120 billion limit. Banks called for only about $29 billion in bids, hinting that lenders' balance sheets could be meeting capacity after months of capital injections. Previous operations saw healthy demand as banks rushed to fortify their cash reserves. Many repos saw lenders called for twice the amount of capital made available by the Fed.
The central bank has already added more than $200 billion to money markets through its repo operations. The capital injections began on September 17 after the Fed's overnight lending rate spiked to 10% from its intended 2% window. The bank has also been
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