Fed funds is not the repo market. Someone is trying to borrow billions in cash for some reason either a bank or country through banks or company through banks so far unknow what party(ies) behind this. Generally should not be possible to corner General Collateral repo market so its a very weird situation. Maybe someone blew up a derivative trade is trying to pay it off borrowing? Very very strange larger than hypothetical reasons put forward to date. Who needs dollars the most right now?
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