$SPY $SPX $QQQ $MU So the Feds are injecting cash in the OMO by purchase agreements. Banks are sitting on their reserves. The more conservative banks are sitting on reserves larger than the Fed requirement. However they have what they claim to be an ‘adequate reserve’. After the Feds print money and give it to these banks they are piling it on top of those already beefy reserves instead of putting it out on Repos for extra cash flow. Has the repo market risk gone up? Why is this? Do they see risk in the market? Is cash looking more attractive as rates drop? If inflation contracts cash can become a hard appreciating asset. Something is broken somewhere.