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The Fed’s attempt to unwind post-financial crisis intervention may have gone too far
Central bank urged to restart asset purchases to soothe short-term funding glitches
Breakdown in overnight lending exacerbated by banks’ preference for reserves
Overnight borrowing rates remain subdued following cash injections from central bank
Banks need much higher level of reserves to feel secure than pre-crisis
Banks request more than double the $30bn on offer from New York
Latest auction shows reduced demand from banks for cash as strains subside
Willingness and preparedness in responding to situation called into question
Fall in bank reserves, combined with rise in government cash balances, leads to squeeze
Central bank questions hesitance to lend as overnight repo rates soared this week
Central bank adds two-week lending facility after making overnight loans for a fourth day
This week’s spikes suggest blockages in money flows could cause serious problems
Pressure mounts to launch longer-term measures after successive financial injections
Quantitative easing means there is a greater chance of the global financial machine misfiring
Business of clearing derivatives looms large as flashpoint since Brexit vote
New liquidity eases market jitters over deleveraging campaign
Rise in activity reflects changes made by the Fixed Income Clearing Corp
Growth in ‘tri-party’ market comes as investors re-allocate money into safer options
Tech giant invests large chunk of its $133bn of cash in US government and agency debt
‘Central bankers’ bank’ concerned about effect of monetary policy and post-crisis regulation
International Edition