The New York Fed offered $30 billion of 14-day repurchasing agreements to banks and investors on Tuesday, temporarily lending funds to those in need of short-term funding. The central bank had previously only conducted overnight repurchasing operations. The operation was twice oversubscribed, with $62 billion of bids placed. This could suggest pressure on short-term funding markets has yet to subside. The New York Fed's recent interventions into money markets comes after the overnight repurchasing rate shot up last week. The repurchasing rate is how much banks and hedge funds pay to borrow for a short period of time in return for collateral like Treasurys.