The Fed continues to intervene in the repurchase market

What's up with that?

One of the opinion writers at Market Watch wrote late last week that the Fed is in “stealth” intervention mode after the Fed injected $99.9 billion in temporary liquidity into the financial system and $7.5 billion in permanent reserves as part of a program to buy $60 billion a month in Treasury bills.

But market demand for overnight repo operations far …