Update: Please ignore the post below – it was a reverse repo, not repo. Feds were pushing treasuries down the market at 3% rate, for whatever reason.
Here we go. After Feds started several programs to swap trash for treasury market participants have less trash and excess treasury. Now they are trying to get rid of, this is today TOMO:

Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $7.4 Bln
Stop-Out Rate: 3%
Weighted Average: 2.97%
High-rate submitted: 3.75%
Low-rate submitted: 2.65%

Someone is ready to pay 3.75%, a full 150 bps above Fed target rate just to get rid of his treasury. Just few days ago 2% was more typical.

Volatility in minds, volatility in pockets