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The Federal Reserve has reduced its asset portfolio by more than $600 billion over the past two years, and Federal Reserve Chairman Powell said Tuesday at the National Association for Business Economics (NABE) meeting that the time for further expansion "is now here".
"Obviously, if the financial system does not have enough reserves, even routine increases in financing pressures can lead to large fluctuations in money market interest rates," Powell said.
"Such shocks may hinder the effective implementation of monetary policy, and we are dealing with them," he said.
The New York Federal Reserve announced on Friday that it would continue to inject liquidity into the money market until early November. The routine operation of these repurchase agreements was originally scheduled to end this week.
Borrowing rates in the repurchase market soared to 10% from around 2.25% in mid-September, after surpassing expected tax payments and bond auctions increased cash demand.
At that time, the Federal Reserve Bank of New York was able to inject capital into overnight credit markets through daily repurchase operations.


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