The Fed describes dealer-intermediation constraints, hedge-fund dislocations, and money-fund redemption pressures. It does not identify Big Three algorithms as the cause of the March 2020 crash or support the claim that they created panics for securities-lending profit.
At least some hedge funds appear to have been severely affected by the large asset price declines and increased volatility in February and March, reportedly contributing to market dislocations.
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The Fed describes dealer-intermediation constraints, hedge-fund dislocations, and money-fund redemption pressures. It does not identify Big Three algorithms as the cause of the March 2020 crash or support the claim that they created panics for securities-lending profit.