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1 1 (October 9, 2019)

handle is hein.crs/govbbhr0001 and id is 1 raw text is: Congressional1 Research Service SIforming the Iegisiative debate since 1914 Federal Reserve: Recent Repo Market Intervention October 9, 2019 This Insight examines the Federal Reserve's (Fed's) recent intervention in the repo (repurchase agreement) market in response to a sudden and brief spike in repo rates to almost 10% (see Figure 1.) Figure I. Repo Rates 2018-2019 6 4 3 ....... ? ? ? ? ? ? '-* 9q q ? Source: St. Louis Fed, FRED. Note: As measured by the Secured Overnight Financing Rate. After a short blip, the Fed stabilized financial conditions by offering up to $250 billion in repo markets. This was the first time it has lent in repo markets-although it has regularly borrowed in repo markets- since the financial crisis (see Figure 2). Congressional Research Service https://crsreports.congress.gov IN11176 CRS INSIGHT Prepared for Members and Committees of Congress - EMZB

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