ML-Implode News - For the second day in a row, the New York Fed injected billions of dollars into the market

For the second day in a row, the New York Federal Reserve injected a huge sum of money into the financial system in a bid to calm stress that has emerged in the overnight lending market.
The Fed on Wednesday poured another $75 billion into the market following a $53 billion rescue by the NY Fed on Tuesday. Overnight lending rates have suddenly spiked, and the Fed is acting to bring them back down to keep markets functioning smoothly.
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The fact the Fed has needed to pump $128 billion into the system over the past two days shows how a crack has emerged in a seldom-discussed corner of Wall Street that is central to the global financial system. It raises concern that the Fed is losing its grip on the short-term rates the central bank is supposed to control.
"It shows you the plumbing is broken," said Michael Block, market strategist at Third Seven Advisors. "It's nice they are recognizing this and that they have safety valves."

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For the second day in a row, the New York Fed injected billions of dollars into the market