Back in September I felt that the sudden increase in Fed Repo activity would be a sign that something was afoot.
Specially since, while there was speculation abound, there was no clear explanation why there was that sudden need for money of this nature in September. The treadmill was turning as usual, but also squeaking.
Now Repo is no more. As Reuters writes this is probably due to a rule change making this tool less attractive for banks.
That the balance sheet decreases in the same time is interesting. Not what I would have expected right now.