U.S. banks have tapped the Federal Reserve's repurchase facility, borrowing $1.5 billion, in the context of corporate tax payments.

The liquidity request was generated by the deadline for corporate tax payments and the settlements for Treasury bond issuances, creating a temporary pressure on financing. The SRF facility, active since 2021, offers banks overnight cash in exchange for eligible collateral. Although the $1.5 billion loan is modest compared to previous loans, analysts believe that the pressure on liquidity is temporary and does not indicate a structural crisis.