[Barclays: If Repo Rates Remain Elevated, the Fed May Need to Intervene] Barclays strategist Samuel Earl stated in a report that if repo agreement rates return to above or at the upper end of the effective federal funds rate target range and persist for several weeks, the Federal Reserve may need to adjust its policy. Earl pointed out that the repo market is a key driver of federal funds rate trends, and officials need to monitor situations where repo rates remain at or above the upper limit of the range. The Fed may need to increase reserves through more repo lending or direct purchases of Treasury bills.