We’re concerned that repo has become a talking point for Democratic Senators, notably Elizabeth Warren of Massachusetts, already well-known for her critical comments of the banking industry. We also expect a focus on Non-Bank Financial Intermediation to heat up this spring with repo in the middle. The conversation on financial stability is good to have but something fundamental is on the line here: liquidity in the world’s deepest capital markets, which delivers an important service to the real economy.
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