... and term repo operations...

... we warned that "this continuing liquidity crunch is bizarre, as it means that not only did the rate cut not unlock additional funding, it actually made the problem worse, and now banks and dealers are telegraphing that they need not only more repo buffer but likely an expansion of QE... which will come soon enough, once the Fed hits 0% rates in 2 months and restart bond buying."

We then asked if that will be enough to stabilize the market, responding that for now, we don't know, but in light of the imminent corona-recession, on Tuesday Credit Suisse's Zoltan Pozsar repo guru published a lengthy - and especially ominous - research report whose conclusion - at least on the liquidity front - is that the Fed should "combine rate cuts with open liquidity lines that include a pledge to use the swap lines, an uncapped repo facility and QE if necessary."

To which, our conclusion was that "a liquidity avalanche is coming to prevent a market crash. It's only a matter of time."