The Federal Reserve avoided a repeat of September’s funding squeeze as it reached its latest crunch point, New Year’s Eve.

By the turn of the year, the Federal Reserve Bank of New York had injected more than a quarter of a trillion dollars in repos in a bid to keep the market calm, while the Fed continued to accumulate assets via outright purchases.

Around $230 billion was outstanding in term repos on December 30, which were set to mature at various dates in January. The New York Fed added a