with SRF the FED sets an upper limit on repo market rates
most of the collateral is US Treasury bonds
this exerts downward pressure on bond yields - by preventing sell-offs
SRF provides daily $500B liquidity limit for overnight repo operations
a rate is published daily & dealers lend borrow against US bonds
dealers/market makers use SRF when the rate in the open repo market gets too high
SRF = Standing Repo Facility