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The Weekly Economic & Market Recap
October 18, 2019
The repurchase (repo) market is a short-term financing venue where more than $3 trillion of cash and collateral are swapped each day and is a critical element which allows the U.S. financial system to function properly. On September 17th, the overnight repo rate spiked briefly to 10%, which was roughly 8% higher than its one-year average. There were three main causes that came together to drain enough liquidity out of the system to shock overnight rates. First, a vast sum of Treasuries settled on dealer’s balance sheets, which had to be paid for.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.