On The Verge Of A Funding Crisis: Fed's Emergency Liquidity Facility Unexpectedly Soars Most Since COVID

And just like that, the market finds itself on the verge of another funding crisis. 

But let's back up: a few days after the Fed cut rates in September (but without Powell committing to more rate cuts, which is why some in the market viewed the FOMC decision incorrectly as a hawkish cut) we said that the conversation whether the Fed will cut and how much, is moot for a very simple reason: Fed reserves had just fallen below $3 trillion,