pull down to refresh

Nice article (had to click it to check if they really said "things get weird", lol)
Here’s the tell: Private repo rates are printing above the Fed’s own ceiling on this facility. Which means the system is so tight that people are actually paying more to borrow in private markets than the Fed’s supposed “emergency” rate. That’s not a technical adjustment. That’s a failure of monetary control. That’s the Fed admitting it can’t actually set the price of money anymore. The market is doing it for them.
That means that the thing I posted about SOFR-IORB is actually correct, yey. lol