5  First, available data is not complete. Repos that are settled in the books of custodian banks or in commercial bank money are not reflected, for instance in payment systems settling in central bank money, as TARGET.
I always taught my students that there was an answer that worked remarkably well most of the time to interesting questions in economics: “It depends.” And this is the only answer I can offer to this second question of the day. But let me discuss some of the considerations likely to condition my judgment about policy in coming months.