Banks don't have any cash or they do and just getting more from the fed. Either way, the overnight Repo was oversubscribed again with over $100B in additional money needed by banks. They are dumping treasuries and mortgage backed securities for collateral.
Rates jumped which spurred it. But in perspective the entire system is out of balance and every measure by every government, central bank and back will continue to do everything possible until it doesn't work. Hard to argue with their ability to carry on as business as usual. Not my money. Taking a page from Warren Buffet, hold on to cash (but talk a different game) in preparation for opportunities in the future.
