Repo and reverse-repo transactions are a tool for implementing monetary policy on the short run for up to 65 days, but usually overnight. Their total annual volume is in trillions, it's nonsensical to claim the Fed's whole security inventory is the result of repos. You are also confusing the agents roles: the Central Bank initiates the repo as a tool of monetary policy, a bank short on reserves can't request a repo. A bank can either sell securities on the open market or in cases of emergency request financing at the discount window, at above market rates. If it could simply request a repo then what's the purpose of the discount window ?
Table 1 is a result of the purchase made during Q.E 1, and Q.E 2. Table 10, shows the current collateral held by the FED in exchange for reserves, emphasis on Treasuries.
For an explanation of what can be pledged as collateral at the discount window, see
here. As written, "obligations of the United States Treasury".
Yes, your right generally, when short liquidity a bank will try to obtain a repo from another private institution before going to the FED. The discount window set by the FED forces the interest rate between primary dealers. If the bank is short reserves and has eligible collateral, it
can goto the FED and obtain reserves at the discount window. The discount window is implemented by Repos.
Bickering about the technicalities of US monetary policy loses sight .....
But such bickering is necessary in order to establish the function of Government Debt in an economy.
Furthermore, unlike US many countries don't have a repo market.
Incorrect,
Sweden Repo explanationAustralian Repo MarketCanada Central Bank