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Fixing Wall Street's plumbing with a new Fed tool

An experimental lending programme from the Federal Reserve could be used to help curb Wall Street's reliance on short-term funding

Here's how Karl Marx might have put it: the first time as crisis, the second time as policy.

Back in 2008, the collapse of so-called repo markets-where cash-rich investors make overnight loans to financial firms and receive securities as collateral-was a signature event in the financial crisis. Now, the market is under pressure and contracting again-this time due to prudential policy rather than panic.

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