A day after the Fed raised rates, reverse repos hit a new all-time high

A wall of cash continues to flow into a central bank facility designed to help control short-term interest rates, even as officials expect activity there to decline over time.

On Thursday, the Federal Reserve Bank of New York said a day after the U.S. central bank raised its short-term target rate by 0.75 percentage points to between 3% and 3.25%, money market funds et al. posted a record $2.359 trillion at the New York Fed’s reverse repo facility.


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