With a new $60 billion a month in permanent re-inflation of money supply pouring back into the economy now, the Fed still has found itself back to where it began in September with its repo operations becoming hugely oversubscribed, meaning it has more takers than what it is offering to give. Dealers submitted $52 billion in securities for two-week "loans" of new temporary money this past week against the Fed's offer to do $35B worth.

They're going back up to where they were. Meanwhile, overnight repos, set by the Fed with a cap of $75 billion per day, also went up in takers from $58 billion on Tuesday morning to $64 billion on Wednesday.