• Meanwhile in markets, in a sign of the times that money couldn’t be any easier, recourse to the Fed’s reverse facility repo has jumped to its highest level if we exclude the turns. Thus, we have to be on guard for Fed announcing inter-meeting tweaks. Such tweaks include raising administered rates (a technical rate hike). But there are many other levers Powell & Co can pull to prevent money markets clogging up and rates leaking through the soggy bottom at zero:

 

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