Fed Completes First Reverse Repo With Treasury Collateral For The Symbolic Amount Of $180 Million

$180 Million, yes, not Billion, Million, was Reverse Repoed (in a 3 day operation) by the FRBNY in its first executed Temporary Open Market Operation Test as part of the liquidity soak up process. The collateral was "Treasury", not CMBS, not stocks of bankrupt companies, but the safest of the safe securities. And even so Primary Dealers could barely part with just under $200 million. So let's do the math: excess liquidity of about $1 Trillion, and a reverse repo of $180 Million: that's just over 5000 TOMOs to go. Don't say the Federal Reserve has no sense of humor.