The U.S. Federal Reserve injected more long-term cash into the country’s banking system on Tuesday in an effort to meet the funding needs of banks and Wall Street.

The New York Federal Reserve injected $30 billion cash into the system through 14-day loans to major dealers, on top of $75 billion in temporary cash through an overnight repurchase operation. This move comes after a rough past week for money markets. Fortune’s Alexander Saeedy said the conditions in the repo market last week were reminiscent of 2007 just before the Great Recession.

According to data from the New York federal reserve, demand from primary dealers was during these operations. Dealers submitted $62 billion in bids during the 14-day operation and $80.2 billion during the overnight operation. Bank reserve shortages were the main culprit, according to Reuters, when analysts searched for the cause of the tumultuous market. Other reasons put forward included seasonal payments for taxes and Treasury supply.

“Clearly the market has stabilized quite a bit,” Jonathan Cohn, interest rate strategist at Credit Suisse in New York, said. “The Fed’s quick response to provide liquidity has helped the situation.”

Demand for funding is expected to stay high throughout the rest of the quarter, as banks attempt to preserve their cash balance to meet reporting requirements. The NY Fed will continue conducting overnight repurchase operations every day through Oct. 10. It will also conduct tow more 14-day term operations on Thursday and Friday, each worth at least $30 billion.

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The Federal Reserve building is pictured in Washington, DC, August 22, 2018. REUTERS/Chris Wattie
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