Fed’s repo facility won’t end US Treasury woes, experts say
Dealer facility does little to address root causes of recent liquidity shocks
The standing repo facility (SRF) launched by the Federal Reserve on July 28 may not be enough in itself to fix the cracks in the US Treasury market, experts say.
The facility, which conducts overnight repo operations against Treasuries and federal agency bonds, was designed as a liquidity backstop to ensure smooth money-market functioning in times of stress.
Sceptics argue the SRF, which is currently open only to primary dealers, fails to address broader, more urgent problems undermining US
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