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NY Fed to offer additional $500 billion in overnight repo

In a statement published on Tuesday, the Federal Reserve Bank of New York announced that it will conduct an additional overnight repurchase agreement (repo) operation for up to an aggregate offered amount of $500 billion with a minimum bid rate of 0.1%.

"This action is taken to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets," the NY Fed noted in its statement.

Market reaction

The S&P 500 Index, which erased almost all of its earlier gains in the last hour, gained traction and was last up 1.75% on the day. 

US Dollar Index eases from 3-week highs near 99.60

The greenback, in terms of the US Dollar Index (DXY), has resumed the upside on Tuesday well above the 99.00 mark. US Dollar Index boosted by funding
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Gold: A net short position could still be targeted – TDS

Gold continues to be liquidated aggressively as the current gold market selloff is reminiscent of what happened during the financial crisis, as strate
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