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The Federal Reserve’s Large-Scale Repo Program

Author

Listed:
  • Kevin Clark
  • Antoine Martin
  • Timothy Wessel

Abstract

The repo market faced extraordinary liquidity strains in March amid broader financial market volatility related to the coronavirus pandemic and uncertainty regarding the path of policy. The strains were particularly severe in the term repo market, in which borrowing and lending arrangements are for longer than one business day. In this post, we discuss the causes of the liquidity disruptions that arose in the repo market as well as the Federal Reserve’s actions to address those disruptions.

Suggested Citation

  • Kevin Clark & Antoine Martin & Timothy Wessel, 2020. "The Federal Reserve’s Large-Scale Repo Program," Liberty Street Economics 20200803, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:88471
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    More about this item

    Keywords

    pandemic; COVID-19; repo market; Federal Reserve inventions;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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