Fed Reserves Plummet By $326BN Back Under $3 Trilion, Just In Time For Massive Treasury Cash Flood

Back in October, when the repo market started cracking under the weight of the Fed's gradual reduction in Reserves and Reverses, and funding spreads briefly exploded, we quoted BofA STIR expert - and former NY Fed repo guru - Mark Cabana, who said that according to his estimates, the Lowest Comfortable Level of Reserves (or LCLOR) is around $3-3.25 trillion given