Brian Chappatta, Columnist

Repo Madness 2.0? Not Yet, But Forget About Fed Tapering

The plumbing of the financial system is beginning to act up again as markets whipsaw.

March 5, 2020 at 10:00 AM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

As if he didn’t have enough to worry about.
Photographer: Andrew Harrer/Bloomberg

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As if Federal Reserve Chair Jerome Powell didn’t have enough on his mind, repo is getting weird again.

You remember repo, of course: It’s the critical part of financial-market plumbing that Powell and other policy makers had to fire a bazooka at last year after a nasty flare-up in mid-September. In fact, the New York Fed released a report this week that serves as something of post-mortem on the funding stresses during that period. They thought they had it fixed.