The Banks needed $29.4 Billion in Cash last night; they pledged Securities they hold to the Federal Reserve, to get instant cash against those Securities.
Here's the info from Federal Reserve - released very quietly tonight:
I do not yet know WHICH or HOW MANY banks suddenly found themselves needing cash, but I do know that this is a larger Overnight REPO injection than occurred even during the Dot Com Bubble collapse.
Someone, or several someones, needed a ton of cash last night - and no one is saying who or why. This doesn't seem good to me.
