A chronicle of repurchase agreements (RP) and other paradoxical property ownership contracts - www.omo.co.nz
Source: US TREASURY FINANCIAL MANAGEMENT SERVICE
Tom Yarnall had this to say.
An article posted by the New York FRB entitled Recent Innovations in Treasury Cash Management egregiously claims: "..Not surprisingly, market participants have been quick to appreciate the information content of TIO offering announcements for projecting Treasury borrowing requirements.."
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"The market for repurchase agreements on US government securities is of vital importance to the New York Fed, and the whole Federal Reserve System, because it is where virtually all of our monetary policy operations are conducted."- Peter Fisher, Manager, System Open Market Account - 15 January 1997.
"Open market operations are not another weapon in the Fed's arsenal, but the only weapon in its arsenal." - Monetary Trends, St Louis Federal Reserve, August 2003.
Repurchase Agreements with Negative Interest Rates - FRBNY - A primer detailing how short sales of Treasury securities can lead to protracted RP fails and consequently negative rates to address capital requirement issues.
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NZ Debt Management Office Uridashi issue and associated EuroKiwi letters to Hon. Dr. Michael Cullen, N.Z. Minister of Finance.