The increased demand in repo funding came from hedge funds https://www.bankofcanada.ca/?p=237614 Net outstanding repo (dealer to all clients excluding hedge funds; reverse repo less repo; overnight, regular and term) (left scale) Net outstanding repo (dealer to hedge funds; reverse repo less repo; overnight, regular and term) (left scale) CORRA spread to target (right scale) 28.57-5.043.00 29.20-4.922.00 26.88-6.062.00 24.98-4.921.00 25.75-5.070.00 24.08-6.710.00 25.93-6.990.00 26.18-7.570.00 26.66-7.700.00 26.76-7.190.00 28.54-5.820.00 28.30-6.110.00 29.32-6.350.00 30.54-7.180.00 32.47-7.010.00 32.03-7.770.00 32.31-7.111.00 30.61-6.791.00 28.73-5.301.00 26.48-5.201.00 25.56-6.381.00 28.24-6.771.00 29.64-6.121.00 30.17-6.511.00 30.73-6.811.00 28.00-5.281.00 29.85-3.181.00 32.85-3.721.00 31.99-3.341.00 31.08-3.341.00 33.22-3.561.00 34.08-3.451.00 36.31-4.711.00 38.63-4.400.00 38.65-5.030.00 37.50-4.900.00 39.63-5.270.00 39.19-6.920.00 40.02-8.060.00 41.73-7.740.00 42.98-8.640.00 40.98-9.290.00 45.15-8.040.00 41.00-7.760.00 42.20-8.600.00 42.19-9.110.00 42.44-9.640.00 38.47-8.630.00 37.34-8.380.00 37.79-8.830.00 37.71-9.500.00 34.94-9.890.00 34.33-8.770.00 33.84-5.470.00 31.55-4.980.00 31.51-5.940.00 34.05-5.550.00 32.93-4.930.00 30.76-3.340.00 29.98-2.450.00 31.99-3.920.00 32.70-3.150.00 35.87-4.010.00 34.11-2.790.00 32.35-2.760.00 34.81-2.010.00 37.97-3.530.00 35.23-4.490.00 36.88-4.420.00 38.02-4.420.00 35.37-4.170.00 35.56-5.920.00 37.13-5.670.00 39.22-4.350.00 39.51-4.780.00 38.76-4.900.00 40.49-5.490.00 42.48-4.330.00 42.50-5.250.00 42.34-6.620.00 40.10-5.990.00 43.06-6.960.00 43.81-6.940.00 40.72-7.340.00 41.02-8.450.00 37.28-9.040.00 40.67-9.560.00 42.98-10.020.00 43.21-9.590.00 43.29-9.470.00 42.71-10.270.00 43.12-9.520.00 40.45-7.760.00 39.84-9.300.00 36.75-9.670.00 37.37-9.160.00 37.73-10.240.00 37.43-10.530.00 38.46-8.770.00 39.40-9.560.00 35.48-9.680.00 38.38-9.120.00 36.93-8.760.00 37.67-8.640.00 40.38-8.960.00 36.20-9.470.00 35.47-7.870.00 35.73-8.660.00 35.55-8.680.00 35.93-8.290.00 37.36-9.030.00 36.72-9.580.00 40.58-9.640.00 39.16-9.120.00 37.85-10.110.00 36.50-10.890.00 37.45-11.500.00 38.45-9.920.00 36.53-10.120.00 36.29-10.340.00 34.81-9.440.00 35.01-10.950.00 35.99-10.300.00 33.95-11.830.00 33.08-11.800.00 33.33-9.660.00 34.53-9.630.00 35.32-9.760.00 34.87-10.150.00 40.16-11.070.00 39.57-10.310.00 45.72-11.040.00 45.57-11.010.00 43.44-11.250.00 46.71-11.010.00 49.27-10.180.00 49.68-10.740.00 50.73-10.200.00 48.67-10.990.00 46.85-10.400.00 49.46-6.981.00 51.98-7.400.00 51.14-8.340.00 50.13-8.740.00 51.34-10.040.00 51.88-10.670.00 51.84-9.940.00 49.06-10.600.00 51.57-11.480.00 52.27-10.990.00 53.45-8.770.00 51.86-9.100.00 49.71-9.160.00 51.71-9.360.00 50.57-9.380.00 52.09-10.310.00 51.25-11.050.00 48.22-11.530.00 48.52-11.680.00 50.00-12.640.00 51.77-12.362.00 53.79-13.672.00 51.29-13.311.00 51.06-13.032.00 54.35-12.091.00 54.25-10.922.00 52.09-12.471.00 50.45-12.441.00 49.35-12.281.00 43.33-11.251.00 47.40-10.281.00 46.81-10.991.00 44.90-11.261.00 43.70-11.290.00 46.03-11.621.00 44.99-11.770.00 44.84-11.710.00 46.15-12.831.00 41.75-9.660.00 42.02-9.660.00 48.63-9.570.00 48.29-9.070.00 48.11-10.500.00 52.66-10.721.00 51.97-11.461.00 52.86-11.732.00 53.33-11.722.00 52.48-10.601.00 54.60-10.462.00 54.30-11.220.00 52.55-11.530.00 53.31-11.010.00 54.54-7.481.00 51.89-8.981.00 52.15-8.872.00 48.22-9.473.00 49.48-9.953.00 49.28-10.661.00 51.98-10.413.00 51.63-11.954.00 53.67-13.494.00 51.97-12.084.00 51.33-9.984.00 52.65-9.704.00 53.10-9.954.00 52.63-9.944.00 51.24-9.424.00 51.33-10.234.00 50.52-10.645.00 46.78-5.404.00 45.66-6.942.00 45.55-8.785.00 45.74-9.644.00 48.56-9.014.00 48.48-9.224.00 48.29-9.704.00 47.44-8.964.00 48.10-5.984.00 48.85-1.914.00 48.86-1.922.00 48.871.662.00 49.543.551.00 49.842.522.00 49.693.913.00 51.595.405.00 52.117.314.00 52.747.324.00 50.858.482.00 47.227.062.00 50.628.502.00 47.2810.932.00 50.6010.802.00 49.3411.872.00 50.3610.372.00 48.29-1.713.00 47.90-1.163.00 47.29-1.713.00 48.19-0.854.00 49.121.003.00 47.670.444.00 48.082.094.00 44.022.594.00 47.530.144.00 44.841.724.00 47.310.964.00 48.562.634.00 46.206.503.00 46.846.805.00 44.667.236.00 47.677.525.00 50.417.825.00 49.509.024.00 52.447.394.00 51.986.403.00 53.014.653.00 49.213.153.00 47.454.083.00 47.004.445.00 48.294.535.00 46.164.745.00 45.115.075.00 43.285.124.00 45.455.895.00 44.578.225.00 44.9610.675.00 46.827.725.00 46.506.785.00 46.578.385.00 39.1112.145.00 37.7215.185.00 37.6414.015.00