New York Fed launches longer-term liquidity fix

The Federal Reserve Bank of New York has told US monetary policy-makers it will be revising the interest paid on the overnight repo facility used by foreign central banks, December minutes reveal.

The move aims to reduce activity in the foreign repo pool, which was widely seen as a contributing factor to September’s funding squeeze.

The foreign repo pool is a service the Fed has long provided to other central banks. It lets overseas central banks invest in overnight reverse repurchase

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