September 25, 2019 / 12:58 PM / 2 months ago

Bids for Fed's overnight repos rise to $91.95 billion

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

NEW YORK (Reuters) - Primary dealers on Wednesday submitted $91.95 billion in bids for cash at the U.S. Federal Reserve’s operation on overnight repurchase agreements (repos) - the highest total yet since it began this cash-adding move last week, New York Federal Reserve data showed.

On Tuesday, these top 24 Wall Street firms that do business directly with the Fed submitted $80.2 billion in bids using Treasuries, agency debt and mortgage-backed securities as collateral.

The New York Fed, which conducts open market operations for the Fed system, awarded $75 billion in one-day loans to primary dealers on Tuesday and Wednesday.

Reporting by Richard Leong; Editing by Andrew Heavens

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