The NY Fed spends $53 billion to rescue the overnight lending market

[steve2470]

Source: CNN

New York (CNN Business) Borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices but that is critical to the functioning of the global financial system.

The spike in overnight borrowing rates forced the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets.

It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008.

"It's unprecedented, at least in the post-crisis era," said Mark Cabana, rates strategist at Bank of America Merrill Lynch.

Read more: https://edition.cnn.com/2019/09/17/business/overnight-lending-rate-spike-ny-fed/index.html

[NewJeffCT]

1. so much winning

looks like we're heading back to a Bushian financial crisis

[machoneman]

2. This is NOT good news. As much as a recession will hurt you-know-who on Election Day....

we and I do mean almost all Americans, will hurt even more. Interesting though is the fact that Trumpyboy may stave off a worse recession if he'd reverse course, drop the China, EU and other tariffs, reverse the Pentagon $ spending, give that cash to the homeless, the poor and middle-class and start up a real infrastructure spending spree. All would immediately pump $ into the system and minimize the effects of the recession.

But, oh no! He and those rascally Republicans think they know better and will resist any and all calls to do the right things. Nope, we'll crash and burn before that ever happens and when it does, they'll blame the libs!

Fools indeed.

[Roy Rolling]

3. Welcome to the Beginning of the End

The U.S. has been robbed by its own Republican citizens. The only rescue now will be to tax those who made off with the country’s wealth.

Trump used the Putin playbook on America. Or rather, Putin used his own playbook on America with a moron assistants named Trump and McConnell.

[softydog88]

6. I'm glad we spent that money on the military...

after all, we were almost out of ammo!

[AllaN01Bear]

4. never heard of this mraket untill yesterday. will need more input.

this is what i found on wkipeidia,,,
https://en.wikipedia.org/wiki/Overnight_market

[IronLionZion]

5. The economy is so strong that it needs billions in bailouts?

It absolutely blows my mind how anyone can still believe Republicans can do anything good for the economy. Donny's tax cuts are not helping, but are actually part of the problem. We have trillion dollar deficit during peacetime when we should have been collecting more tax revenue from the stock market's capital gains.