The reason repurchase agreements have this advantage is that they are two-name paper: the immediate counterparty of the loan is the primary dealer and the collateral in repurchase agreements provides additional protection.
Regarding private demand, business fixed investment increased steadily throughout the fiscal year, reflecting recovery in corporate profits, progress in stock adjustments, and a rise in autonomous investment, such as in information technology, and the increase spread across industries from large manufacturing firms to small nonmanufacturing firms.