The Fed pulled back on the throttle Friday, withdrawing much of Wednesday’s massive pumpajam. It drained $9.5 billion from the liquidity pool, issuing $7.5 billion in weekend repos against $17 billion in expirations. This is unlike last year when the Fed pumped hard right up to the end of the year, but it’s similar to 2994 when they pulled back a little in late November, before another push in mid to late December.
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