### Comment:
Wait, if the issue has nothing to do with interbank lending risk, and it’s pure lack of USD supply in general floating around, why didn’t USD also go through the roof in the forex market?

### REPLY:
Bc it’s due specifically to a lack of supply in the US bank repo market, which while big is only a tiny fraction of the many trillion dollar total USD float.  
  
 But speculation is that the repo turbulence was indeed putting some upward pressure on USD. 
  
 You know this isn’t bc of interbank lending risks bc cds and bail in debt hasn’t reacted.

### END.