regarding liquidity flows - repo markets are just one of the sources
so it's more useful when you combine it with others, such as the central bank policies, how much short-term debt is maturing, and the overall leverage level
if regulatory ratios are breached, they must be restored
there is only so much a dealer/market maker can do
so you can deduce their next action with a high degree of certainty
then, deduce its implication on the liquidity flow & into which sector the funds are flowing