What did saying the Fed continues to put downward pressure on long end yields via “socializing” money markets mean? Combo of standing 5bps RRP rate (was always zero) & increase of IOER to 15bps. ON repo yield EXCEEDS 3MO bills. #FED #REPO #RRP #SOFR cont… 
…now MM funds have no incentive to buy bills in the free market due to standing 5bps floor. On the other side w/the IOER ceiling set @ 15bps T1 banks have built in perpetual 5bps arb borrowing @ 10bps in FF market & earning 15bps on IOER. #FED #IOER #EFFR
…I also think most would be surprised how strong the interest in RRP has become since the new rate was instituted, as well as just how many counterparties beyond T1 banks have access to the window (see current list) newyorkfed.org/markets/rrp_co… #FED #REPO #RRP
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