As the Fed increases lending in the repo market, it is reliant on a small group of bond dealers to recirculate that money, increasing opportunities for market channels to get clogged
Activity in the market for repurchase agreements, or repos, where banks and investors seek more than a trillion dollars in cash loans every day, has increasingly concentrated at large banks.
When those banks hoard reserves, it can drive borrowing costs higher for smaller firms, according to a study by Fed economists published last year. The five largest banks hold more than 90%...
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