What's the Federal Reserve Doing to Stop the Repo Crisis?

I wouldn't be shocked if we had another short-term repo crisis for like risk-free assets, like Treasuries. I think there's a decent chance of something breaking in the funding markets, but I would put it as quite a bit lower than how foreign sovereigns are affecting things. And when you have such an indebted central bank that has traditionally been so dovish, that's going to cause some significant changes. But again, this is a world that is so nuanced in this area of the market that it's very hard to predict.

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