libertystreeteconomics.newyorkfed.org/2026/09/follow-the-cash-microstructure-of-repo-markets Follow the Cash! Microstructure of Repo Markets
U.S. repo markets now move more than $13 trillion, dwarfing federal funds and Eurodollar trading combined. Dealers sit at the center of it all, borrowing $3.7 trillion and lending $3.4 trillion a day by late 2024, pocketing spreads for absorbing the risk nobody else wants to hold.
— via Fed Reserve — Liberty Street, Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan
