[eyeinthepyramid]

The $1.5 trillion was a fund of one day fully collateralized loans, of which only ~$100 billion was actually used. There was no wealth transfer, just the fed following its mandate to keep interest rates on short-term loans within an acceptable band.

Here's the daily totals of repo loans:

https://apps.newyorkfed.org/markets/autorates/tomo-results-d...