Re: borodog\'s mistaken understanding of M3...don\'t listen to his drive
With regards to repurchase agreements -- are those measured in M3 transactions conducted with the FOMC, or between private institutions?
I realize the Fed is a private institution, but you get my drift.
Also the Fed has, I believe, increasingly used Repos to add or subtract liquidity in the financial markets.
I track Fed Repos as they can be a decent gauge of financial conditions and occasionally provide clues into future interest rate policy.
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