隔夜逆回购一般发生在季度末的比较多，但现在隔夜逆回购的飙升说明流动性过剩。交易商一般被要求在季度末收缩资产负债表来符合监管的风控要求，但现在或需更早收缩负债表。逆回购的激增也意味着美联储Tapering将近。Institutions are parking cash overnight with the Fed at volumes not seen in five years as the central bank tries to keep Treasury-bill rates from turning negative amid strong demand for short-term U.S. debt. The overnight repo facility had 46 participants place $450 billion in exchange for a 0% interest rate on Wednesday, close to the $474.6 billion record on Dec. 31, 2015.