The Federal Reserve's emergency bank rescue tool (BTFP) may not be renewed upon maturity!
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The Emergency Bank Assistance Tool (BTFP) provided by the Federal Reserve may come to an end in mid-March. This program allows banks to obtain advances by pledging bonds and other debts. The utilization rate of BTFP has soared to its highest level in history, with interest rates at around 4.93%, attracting banks to engage in arbitrage. Currently, the usage of BTFP has reached a new high of $141 billion. It is still unclear whether banks will be allowed to continue arbitraging in this way.
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