borodog's mistaken understanding of M3...don't listen to his drivel

[Ps3tn0NcYk]

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.