NSFR opens up new front in war on repo

Banks estimate a 60bp hike in the cost of even simple trades

US Federal Reserve

If the repo market was a cartoon character it would be Scratchy, the unfortunate cat in occasional episodes of The Simpsons. If Scratchy avoids falling into a vat of acid, it means a swarm of flesh-eating bees is just round the corner; if he then leaps into a taxi to avoid them, an even worse fate lies in store. Of course, when all of this happens to an animated cat, it's funny, but those in the repo market are not getting the joke.

On January 12, the industry celebrated its latest reprieve when

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