### Comment:
Based on what fear though? What suddenly changed Monday night that everyone was simultaneously terrified of? (other than a shortage of cash) 
  
 The predictability of the needed cash doesn’t matter. Banks aren’t setting aside cash just for the express purpose of being overnight lenders to other banks.

### REPLY:
According to FT, companies were pulling out money from money market funds ahead of tax deadlines. These funds are significant lenders in repo markets. So you are right that there was a shortage in supply.

### END.