The Federal Reserve expanded its intervention in short-term funding markets on Monday after signs of strain emerged despite the US central bank’s emergency measures of the previous day.
The New York arm of the central bank said it would be willing to provide an additional $500bn in overnight funding in the repo market, where investors swap high-quality collateral like Treasuries for cash.
The offer came on top of previously announced Fed support for the repo market. Last week, it said it was willing to make $500bn in three-month loans and $500bn in one-month loans on a weekly basis through to April 13. It had already been providing up to $175bn in overnight loans and $45bn in two-week loans twice per week.
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