... which combined would be as large, if not bigger than the Sept 16 cash transfer to the Treasury which sparked the mid-September repo crisis, last Thursday the Fed announced a "kitchen sink" liquidity tsunami, throwing as much as $500 billion in liquidity backstops in the form of expanded and extended repo and term repo operations, while keeping the Fed's "Not QE" T-Bill monetization chugging along.

The first of these emergency repo operations was scheduled for this morning, ahead of the liquidity drain, in the form of a $50 billion, 32-day repo, which took place shortly after 8am, and was once again oversubscribed as there was more demand for liquidity, or $54.25 billion, than there was total supply.