BREAKING: Demand for the Fed's Standing Repo Facility (SRF) surged to +$30.5 billion on Tuesday, the 4th-largest operation since the 2020 pandemic. The SRF allows banks to borrow cash from the Fed using government bonds as collateral, acting as a key source of liquidity support for the financial system. The operation was split between +$18.5 billion in Treasuries and +$12.0 billion in Mortgage-Backed Securities. The likely cause was a calendar squeeze, as large Treasury settlements coincided on the same day due to the Presidents' Day holiday. A similar episode occurred on Columbus Day and during the year-end period in December 2025. However, if repo usage keeps rising outside of calendar squeezes, it would signal deepening stress in short-term lending markets and may force the Fed to inject even more liquidity. Are liquidity pressures quietly building beneath the surface?(The Kobeissi Letter)