When you focus exclusively on bank reserves, even when the answer is staring you in the face you just can’t appreciate it or decipher the implications. Nearly six months later, they still don’t know what happened in the repo market last September. By “they” I mean, of course, the Federal Reserve including all the presumably technically proficient operators at its … Continue reading An (In)Opportune Moment To Review What September Repo Might Have Been Rehearsing