Well the results are up in print. Fed's repo actions this morning.
$40.85BN with TSYs as collateral at a 2.1% stop out rate
$0.6BN with Agencies as collateral at a 3.0% stop out rate
$11.7BN with Mortgage-backed securities as collateral at a 2.1% stop out rate.
So bottom line is the banking system has run out of liquidity. You know they should be like a lazer guided bomb at the presser tomorrow asking why the Fed has allowed the banking system to lock up and conducted an operation not seen in 10 years. Of course you know the follow on questions.
I don't want to be greedy and stupid, but I do think the pundits I read are correct as I also hear the siren sound of junk bond ETF's calling out "short me, short me".