Last week, Bloomberg wrote "​Fed Repo Program Use Surges as Exit Strategy Speculation Rises". It says, "Use of the Federal Reserve'​s reverse repurchase agreement facility is surging as speculation rises that policy makers may make the program a permanent tool to be used during the unwinding of unprecedented monetary stimulus. Daily usage has averaged $​194 billion a day in May, compared with $​86 billion in the first three months of the year and $​11.​8 billion on Sept. 23, the day the Fed began testing the fixed-​rate facility. That has led to speculation the minutes to be released today of the Fed'​s last policy meeting on April 30 may show greater discussion of the program and possible changes. The facility "​allows us to make a short-​term safe asset more widely available to a broad range of financial market participants," New York Fed President William Dudley said yesterday in remarks before New York Association for Business Economics.... The program has helped put a floor under money-​market rates, which may otherwise have slide toward zero given a seasonal shortage of bills and heightened safe-​haven demand, according to Barclays Plc. The allure of the facility has risen as investors face limited Treasury bills supply and regulatory pressures increasing the need for the safest of debt."

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