Something strange is happening in the financial plumbing under Wall Street
December 07, 2023 at 10:23 AM EST
Overnight lending rates in an esoteric financing market frequently tapped by banks, hedge funds and other borrowers spiked on Friday, prompting comparisons to a surge in short-term lending rates in September 2019 that forced the Federal Reserve to step in to ensure that credit would keep flowing smoothly through the U.S. financial system.