The Federal Reserve intervened in US money markets for the third day in a row yesterday as calls grew for the central bank to open a more permanent facility to ease pressure on a pivotal part of the financial system.
The New York Fed injected $75bn in overnight cash into the short-term lending market, and its auction was oversubscribed for the second straight day, with banks demanding almost $84bn.
It activated its repo operation on Tuesday for the first time since 2008 after technical factors sent a vital measure of overnight funding costs surging. On Wednesday it ran the operation again as markets remained strained.
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