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MarketWatch MarketPulseSep 19, 2019
Fed completes 3rd straight repo auction to avoid short-term rate surge
The New York Federal Reserve Thursday morning completed its third repurchasing operation, or repos, in as many days to stem spikes in crucial overnight funding market for financial institutions. The U.S. central bank carried out $75 billion of repos, with the Street submitting bids for $83.875 billion, sources said, providing liquidity for Wall Street dealers by temporarily buying securities. Earlier this week, a surge in the repurchasing rate, used by hedge funds and banks to fund their trading operations, pushed the fed-funds rate close to the top of its targeted range. The incident has stirred worries that the central bank is at risk of losing its grip over its benchmark interest rate. On Wednesday, Federal Reserve Chairman Jerome Powell said at a news conference that the central bank is likely to execute similar auctions and said he doesn't see the recent jump in overnight money-market rates on Monday and Tuesday as a "having implications for the broader economy, or for the economic outlook, nor for the our ability to control rates."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseSep 19, 2019
Man Group CEO says fears around banks no longer providing liquidity is 'overstated'
Man Group CEO Luke Ellis said complaints about the shrinkage of banks' trading operations after the financial crisis was "overstated," at the CNBC Institutional Investor Delivering Alpha conference on Thursday. He said "the markets have moved beyond banks providing liquidity." Market participants have worried that the falling size of Wall Street dealer balance sheets means corporate credit markets are starved of liquidity when they come under stress. "There is an amazing amount of client capital around when anything backs up in yield," said Ellis, suggesting there were plenty of investors who would scoop up securities when their prices cheapened.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Reuters Company NewsSep 19, 2019
UPDATE 1-Casino poised to sell Leader Price unit to Aldi - Les Echos
French supermarket retailer Casino is poised to sell its Leader Price unit to its German low-cost competitor Aldi in a deal estimated at 400 million euros, French daily Les Echos reported on Thursday.
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