The Fed did open the door for brokers to borrow money because the agency was worried Wall St. would need the cash. But, the situation is getting out of hand and brokerages are bleeding the Fed’s money supply.
According to the AP Wall St. firms "averaged $32.9 billion in daily borrowing over the past week from the new lending program, compared with $13.4 billion the previous week."
It may not even all get paid back.
Douglas A. McIntyre