In First Post-Hike Reverse Repo, Fed Removes $105Bn Liquidity From 49 Banks
In what appears to be an orderly process, The NY Fed's first Reverse Repo operation since The FOMC 'raised' rates accepted $105.185 billion of Treasury collateral from 49 banks at 25bps. This is being greeted as good news by many as no major disprutions appear to have occurred... aside from, of course, a 6bps plunge in long-end bond yields, 250 point drop in The Dow, and notable weakness in high-yield bonds.