Bazooka was Fired! Is it A dud?

 Sure looks like they are trying to plug all the holes in the dike!

                               serf

            https://www.zerohedge.com/markets/ny-fed-conduct-1-trillion-repo-over-two-days-stabilize-treasury-financing-market

Some parting thoughts following this historic announcement: this was by far the biggest bazooka the Fed has fired since the financial crisis, and... it may not be enough. In fact, stocks are still deep in the red, which means one of two things:

1. i) The Fed's credibility is now shattered
2. The market expects a fiscal bailout, or some MMT-esque combination of both.

Until and unless the markets gets what it needs, the Fed is now a sideshow and in fact, if this bazooka fails, Powell may consider submitting his resignation this week.

After increases in its repo facility twice already this week, from $100billion to $150billion to $175billion per day, and adding added a new 1-month term repo facility, the New York Fed just stunned the market and fired its biggest bazooka since Lehman (not coincidentally, just moments before today's 30Y Treasury auction, as a failed auction would mean, well, game over), by announcing a total of $1 trillion in 3-month repos over two days ($500BN today, $500BN tomorrow), as well as an additional $500BN in one-month repos offered weekly, which means up to $3 trillion in cumulative repos (if fully allotted) may be online by the end of the month.