The Federal Reserve Bank of New York said Wednesday that it would increase the size of its overnight repo operations to $120 billion from the cur

The Fed announcement came without explanation. Recent Fed offerings for the short term repurchase agreements, or repos, have been oversubscribed, meaning banks sought more liquidity than the Fed was prepared to provide.

On Tuesday, the Fed injected nearly $100 billion in combined overnight and slightly-longer term loans to banks.

Senator Elizabeth Warren recently addressed a letter to Treasury Secretary Steven Mnuchin in his role as chair of the Financial Stability Oversight Council, asking for an explanation for why banks have recently required these huge daily cash infusions.

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