Why is the NY Fed pumping billions into the money market?
(From Yahoo News)
The New York Federal Reserve Bank conducted money market interventions on Tuesday and Wednesday and planned another for Thursday morning, as a cash crunch drove up the cost of borrowing for banks that need to replenish the reserves they hold at the central bank.
Uh oh. We remember the last time we started seeing stories about systemwide liquidity issues.
But after unveiling fresh cut to the benchmark lending rate(s) on Wednesday, US Fed Chairman Jerome Powell told reporters the liquidity crunch was not a concern for the wider economy.
http://www.againstcronycapitalism.org/
Source: https://www.ac2news.com/2019/09/why-is-the-ny-fed-pumping-billions-into-the-money-market/
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