"The FIMA Repo Facility is an important backstop. The loans are offered at a rate typically above the open-market ‌repo rate, so the expectation is that its ⁠use would be limited to times of market stress. central bank's communications and balance sheet policies, combating persistent inflation and dealing with growing dissent among Fed policymakers as Trump calls for rate cuts. Tapping the FIMA facility might allow Japan to raise funds for yen purchases without having to sell its Treasury holdings outright. Foreign central banks and monetary authorities currently have just under $3 trillion on deposit at the New York Fed, ‌with about $2.65 trillion of that amount in Treasuries, according to the latest Fed ​data.