One of the striking features of the recent stress in the U.S. repurchase (repo) market is the culmination of factors—including developments in monetary policy, banking regulations, Treasury issuance, and corporate tax payments—that contributed to the pressure. While these factors may result in some continued bifurcation in short-term money market rates over the medium term, the mechanics of monetary policy will likely address and mitigate the recently emerged pressure in the near term.