The quantitative tightening program wraps up today, but here's the twist nobody saw coming—repo facility usage just exploded. Banks are suddenly scrambling for overnight liquidity like it's 2019 all over again.

What's really happening beneath the surface? When the central bank stops draining reserves while repo demand spikes, you're looking at two opposing forces colliding. The textbook says liquidity should stabilize. Reality? Markets rarely read textbooks.

This matters more than most realize. Repo rates signal stress in the plumbing of financial markets—the boring stuff that determines whether credit flows freely or seizes up. And when traditional finance gets squeezed, guess where the smart money starts looking for alternatives?

The liquidity picture just got a whole lot murkier. Could be nothing. Could be everything.