U.S. banks' demand for the 14-day repurchase agreement operation, or repo, exceeded the Federal Reserve Bank of New York's $35 billion offering, which was part of a nearly $100 billion short-term liquidity injection into financial markets on Jan. 7, The Wall Street Journal reported.

The Fed made a two-part intervention consisting of $63.9 billion in overnight repo and $35 billion in 14-day repo. Participating financial institutions offered the Fed $41.1 billion in securities for the 14-day repo, while demand for the overnight repo was less than the offering amount of $120 billion.