Here was a bit more formalized wording I used as part of a revision:
"In the first week of March 2020 the Fed opened up the fire hose full blast pumping an unprecedented $100 billion/day in 1-day Repo loans into the trading houses on Wall Street as the bleeding had turned into full scale hemorrhaging- the patient was dying.
One week later Covid arrived.
One week after "Covid" came on the scene, blasting all other news into oblivion, The New York Federal Reserve said "it will make up to $1 trillion a day available for loans in the Repo market for the remainder of this week... $500 billion in overnight Repo loans each morning and an additional $500 billion in overnight Repo loans each afternoon."
The stated purpose of these injections into these markets being, "to keep markets operating smoothly despite volatility related to the coronavirus pandemic."
Right off the mark historical revisionism kicked in as the market "volatility" of the past several months was now being blamed on "the pandemic" even though observers tracking these trends noted that the markets were operating no differently (in total freefall) than "pre-pandemic."
Thanks Allen, I'll add this as a footnote to the piece.
Here was a bit more formalized wording I used as part of a revision:
"In the first week of March 2020 the Fed opened up the fire hose full blast pumping an unprecedented $100 billion/day in 1-day Repo loans into the trading houses on Wall Street as the bleeding had turned into full scale hemorrhaging- the patient was dying.
One week later Covid arrived.
One week after "Covid" came on the scene, blasting all other news into oblivion, The New York Federal Reserve said "it will make up to $1 trillion a day available for loans in the Repo market for the remainder of this week... $500 billion in overnight Repo loans each morning and an additional $500 billion in overnight Repo loans each afternoon."
The stated purpose of these injections into these markets being, "to keep markets operating smoothly despite volatility related to the coronavirus pandemic."
Right off the mark historical revisionism kicked in as the market "volatility" of the past several months was now being blamed on "the pandemic" even though observers tracking these trends noted that the markets were operating no differently (in total freefall) than "pre-pandemic."
Great, thanks.