NY Feds secret emergency huddle sparks fears of brewing liquidity crisis on Wall Street

Early signals of a global credit crunch are flashing. NY Fed held a secret liquidity huddle. Not announced. Fed pumped $50.35b into markets. Highest repo use since 2021. Another $22b followed. Banks need cash. Reserves are tight. SOFR is rising. Funding rates are stressed. RNZ warns of a canary-in-the-coalmine moment. QT drained liquidity. Treasury auctions added pressure. Lenders are cautious. Counterparty fears are growing. Analysts see persistent stress. Deleveraging risk is rising. Markets are uneasy. Liquidity conditions are tightening fast.