Something especially odd took place at the US Federal Reserve central bank today when its main funds and debt transfer services suddenly became non-functional.
The Federal Reserve’s system that allows financial institutions to send money back and forth electronically went down for several hours Wednesday, but appeared to be coming back online later in the afternoon.
The “operational error,” as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions sending electronic credit and debt transfers.
There were no initial indications that foul play was suspected.
Along with the Fed ACH service, other systems impacted included Check 21, FedCash, Fedwire and the national settlement service.
Perhaps this is a one-off incident, yet it takes place in the midst of not-supposed-to-happen market events like Gamestop (up 100% again today) alongside dramatic dollar-denominated price increases in cryptocurrencies and commodities.