Holiday REPO Issues?  Welcome to September

This is a rare data flash from the Distilled Perspective
By Patrick T Bulger Analytics

First, Important & On Watch,

Keeping it simple:
Q: What is REPO?
REPO is short for repurchase agreement, it’s related to the pledging of financial collateral in return for liquidity and is at the heart of the trillions of dollars that flow through the overnight financial plumbing, systemically, globally.

This headline came out this morning:

Source: First Squawk reports 
@FirstSquawk on X
NY FED RECEIVES NO BIDS AT OVERNIGHT REPO OPERATION
8:35 AM · Sep 2, 2025

What Do We Have Now?
This gives a potential for concerning liquidity issues in financial system.
No Bids, is being interpreted as extreme.

Recall at last month’s end: 
We had a roughly 10 Billion surge beyond normal in REPO fails to deliver.  
Per data from DTCC (The Depository Trust & Clearing Corporation), 
FICC (Fixed Income Clearing Corporation), 
this coincided with a visible simultaneous volatility wave across various liquidity measures.

This is a fluid & breaking situation. Stay Tuned.
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Other issues of note:

1) Multiple reports of a Trump Major Announcement at 2pm today.

2) Funding Volatility in Japan, 

3) Are we seeing a repositioning for a potential Jobs Revision on Friday?

4) There appears to be a sizable escalation in Russia/Ukraine over the last 24 to 48 hours.
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*What does this mean for your portfolio?

So far you've been on offence...
How's your defense?

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