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What's going on in the repo market? Rates on repurchase agreements ("repo") should be around 2%, in line with the fed funds rate. But they shot up to over 5% on September 16 and got as high as 10% on September 17. Yet, banks were refusing to lend to each other, evidently passing up big profits to hold onto their cash - just as they did in the housing market crash and Great Recession of 2008-09.
Since banks weren't lending, the Federal Reserve Bank of New York jumped in, increasing its overnight repo operations to