U.S Overnight Interest Rate Surges

What is going on? Fed to inject $75bn into the financial system after funding squeeze. Someone needed the money and the Fed came up with $75 billion. if repo market “U.S Overnight Interest Rate” is the lender of last resort for the offshore $ funding as Jeff Snider been claiming for a long time, is it the Chinese who got all their dollars to prop up RMB?

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