Emergency lending facilities and discount window. Usage means a bank could not fund itself in the market; the facility's existence is what stops a run from becoming a system.
What to watch: Discount window borrowing; standing repo facility usage. It arrives weekly, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Liquidity and market plumbing
- Financial conditions
- Bank reserves and the Fed balance sheet
- Reverse repo facility (RRP)
- Treasury General Account (TGA)
- Repo and money-market rates
- Money market fund assets
- Money supply (M2)
- Global central bank liquidity
- Treasury market liquidity and basis trades
- Stablecoin demand for Treasury bills
- Treasury buyback programme
- Municipal bond market and tax exemption