The Fed will keep short-term cash injections to banks going through the week

• The New York Fed will conduct short-term bank funding operations known as repos through the rest of the week.
• The move is in response to ongoing stress in credit markets during the coronavirus crisis.

The Federal Reserve's ongoing efforts to keep money flowing to banks through short-term exchanges will last for at least the rest of this week.

The New York Fed in an announcement Tuesday afternoon said it will now conduct daily repo operations of $500 billion through Friday, with each one running from 1:30 p.m. to 1:45 p.m. 

Repos involve banks submitting high-quality collateral like Treasurys in exchange for reserves from the Fed. Banks then use the money to fund their short-term operations.

Often referred to as the plumbing that keeps the banking system operating, the repo market has been part of generally clogged financial conditions lately as the financial infrastructure suffers through the coronavirus crisis. On Tuesday alone, the New York Fed trading desk pumped nearly $200 billion into the system.

The Fed had conducted separate $500 billion operations Monday and Tuesday. Some market participants have called for the central bank to institute a standing repo facility that would allow the Fed to step into the market whenever needed, though officials have refrained from doing so thus far.