The chart is about 'repo operations.' I don't think I trust this website to properly explain what those are or what it means.

I think it's just repo:

> In accordance with the FOMC implementation note issued December 10, 2025, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will make the following adjustments to standing overnight repurchase agreement (repo) operations effective December 11, 2025.

https://www.federalreserve.gov/monetarypolicy/standing-overn...

It's not a bailout but the private market should be able to clear trades without central bank resort

so, watch this space

Here's a less editorialized article from Reuters: https://www.reuters.com/business/finance/banks-tap-record-li...

> [JPMorgan Chase & Co.] revealed it is on the hook to deliver more than 5,900 tons of silver it doesn’t have. ... The bank sold contracts for silver it didn’t own, expecting the price would fall.

Where was the stress test for that little gamble?

Where is the source for the claim that JPMorgan has to deliver silver it doesn't have?

It looks like the gist of the article's assertion is that since the Fed has ramped up repo operations since October 2025, they're seemingly covering a liquidity crunch being experienced by big banks. This support this assertion with the fact the fed eliminated the $500b limit in asset value that the Fed can give loans for [1] (although a max of $40b still exists per proposition*). The article also links a possible motivation in JP Morgan being in a losing short on silver in the commodities market.

The article is wordier than it needs to be, but I think it presents a solid argument. Some other interesting things I've observed is that the discount window website started advertising 'Discount Window Direct' on its homepage in June [2] (which could be a sign that there has been more inquiries about it) and that the pickup in the repo market being in the latter half of 2025 might also be correlated with the closing of the Bank Term Funding Program in March 2025 [3][4].

[1] https://www.newyorkfed.org/markets/opolicy/operating_policy_...

[2] https://www.frbdiscountwindow.org/

[3] https://www.federalreserve.gov/newsevents/pressreleases/mone...

[4] https://fred.stlouisfed.org/series/H41RESPPALDKNWW