Money market funds and banks parked a record $2.04tn at the Federal Reserve on Monday, underscoring the demand for safe-haven investments as interest rates rise and financial markets whipsaw.
The figures disclosed by the Federal Reserve Bank of New York marked the first time more than $2tn had been tucked away in the Fed’s overnight reverse repo facility.
While the figure is eye-popping and surging demand has in the past been seen as a potential sign of looming problems, it has not raised similar concerns this round, as the facility is being tapped by funds and banks awash with excess cash and few other appealing options for where to store it.
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