``So far the Fed has done two of these 28 day term repo operations totaling $30 billion, but looking at the overall impact on the amount of cash in the system, it’s zero. The Fed did $30 billion in redemptions and sales of T-bills from its System Open Market Account holdings completely canceling the impact of the $30 billion in new 28 day term repo cash lent to the Primary Dealers (PDs).''

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