In this report, I cover the early market action from London on Friday, September 27th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I will be doing an update on what is going on in the repo market which of course has been in the news for the last couple of weeks. The repo market is a very arcane part of Wall Street but as has been said it is the plumbing for the financial sector.
The repo market is used by major financial institutions or primary dealers to the New York Fed to fund their operations by lending their Treasury and Agency bond holdings for cash on usually an overnight basis but sometimes also on a term or fortnightly basis.
From having read different articles this week about how the repo market is still not fixed and has forced the Fed to intervene in it for the first time since the financial crisis of 2008 the conclusion I and others have come to is that nobody really knows what is going on in this specialist but very important sector of the financial system.
"Second Term Repo Oversubscribed As Funding Shortage Keeps Getting Worse": https://www.zerohedge.com/markets/second-term-repo-oversubscribed-funding-shortage-keeps-getting-worse-and-nobody-knows-why
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