Repo operations: The Fed vastly expanded the scope of its repurchase agreement (repo) operations to funnel cash to money markets. The repo market is where firms borrow and lend cash and securities short-term, usually overnight. Since disruptions in the repo market can affect the federal funds rate, the Fed's repo operations made cash available to primary dealers in exchange for Treasury and other government-backed securities. Before coronavirus turmoil hit the market, the Fed was offering $100 billion in overnight repo and $20 billion in two-week repo. Throughout the pandemic, the Fed significantly expanded the programboth in the amounts offered and the length of the loans. In July 2021, the Fed established a permanent Standing Repo Facility to backstop money markets during times of stress