With the market now screaming for more emergency rate-cuts...

The Fed has begun its bailout from what is the longest limit-down in S&P futures we can remember (maybe ever)...

The NY Fed has massively increased its overnight and term repo liquidity bailout facilities...

Full Statement below

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current monthly schedule of repurchase agreement (repo) operations.

• Beginning with today’s operation and through March 12, 2020, the Desk will increase the amount offered in daily overnight repo operations from at least $100 billion to at least $150 billion.

• In addition, the Desk will increase the amount offered in the two-week term repo operations on Tuesday, March 10, 2020 and Thursday, March 12, 2020 from at least $20 billion to at least $45 billion.

Consistent with the FOMC directive to the Desk, these adjustments are intended to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures that could adversely affect policy implementation. They should help support smooth functioning of funding markets as market participants implement business resiliency plans in response to the coronavirus. The Desk will continue to adjust repo operations as needed to foster efficient and effective policy implementation consistent with the FOMC directive.

This decision comes after a few days last week of massive (oversubscribed) demand for liquidity from the 'fortress balance sheet' banks...

A new hope?

Don't hold your breath - As @APetimezas importantly noted: 

"The Fed has injected $550 billion in reserves into the banking system since September, but excess reserves have increased by only half that amount.

Something is seriously wrong here."