A Severe Bout of Turmoil.

News Items by John Ellis.

1. The Federal Reserve Bank of New York injected $66 billion into short-term lending markets yesterday, building on a series of operations from last week to support the market after a severe bout of turmoil. The cost of borrowing cash overnight in exchange for US Treasuries — known as a repurchase agreement, or repo — soared early last week, pushing th…