The Rhyme: Repo Rate Spikes to 9% as Funding Cracks & Its 2019 Echo
Overnight repo surged to 9.4% and the Fed stepped in with a $250B liquidity injection—an echo of September 2019 when funding markets cracked and emergency repo returned. Despite higher headline reserves, Treasury issuance, leverage, and shifting foreign demand suggest a thinner cushion beneath the system. What looks like plumbing stress may be an early warning, not noise.
