On Wednesday, Nov. 12, the president of the New York Federal Reserve met with leaders of Wall Street banks to discuss using the Fed’s Standing Repo Facility (SRF) over the coming period to keep the financial system functioning. “President [John C.] Williams convened the New York Fed’s primary trading counterparties (primary dealers) to continue engagement on the purpose of the standing repo facility as a tool of monetary policy implementation,” reported Reuters. The SRF allows for banks to sell various bonds and securities they are holding to the Fed, thereby creating the effect of liquidity on their books. In other words, an injection of cash to keep the markets happy.