2/balances or a halt in passive reductions in the Fed's asset portfolio. Overnight interest rate control is straightforward given existing tools.

4/One puzzle is why the Fed still bothers telling us about its overnight interest rate target in terms of a fed funds rate range, rather than a target for SOFR. Especially since they are in fact targeting SOFR.

3/fall, there will be more takeup on the standing repo facility, and the interest rate offered at the standing repo facility will determine SOFR. So, no big deal. But we will see some window dressing on the Fed's part, as they will want the fed funds rate to fall within the prescribed range...

2/on reserves, reverse repos parked at the Fed, and the Fed's standing repo facility, takeup on the reverse repo facility goes to zero, and then the overnight repo rate (SOFR) becomes unmoored from the rate offered at the reverse repo facility. As the size of the asset portfolio continues to...

2/about the worst. I would give the prize to Beijing. The air will kill you (though maybe it's improved).

1/If you want a major city, Central Park is pretty nice, though crowded. But, suppose I get to choose my city. Some of these big cities are nice to visit, but I prefer a mid-sized city. Or if I want things that are nice to look at, Boulder Colorado and Banff Alberta are great. We could also talk...

2/listen to the heavy traffic on the Lakeshore. Toronto is worse, of course. There's nothing like that close to the lake, and the Gardiner Expressway is a barrier between the city and the lake.

1/Haha. It looked a lot like the view over the east river I saw 2 weeks ago. Now I recognize the Chicago skyline. I still like it better here. To get down to that running path from Chicago downtown, you have to get across Michigan Ave, Columbus Dr, and the Lakeshore. Then, on the path, you get to...

Who's saying Johnny isn't cool? While he was alive, he was always cool.

Putting this gasoline fire out with my bare hands is health first.

3/we need some sort of different unconventional math, but we're not told what it might be, or given examples of how it might work. Thanks, but I think we're fine.

2/for 3rd and 4th year undergrad honours students, which I teach more-or-less at a masters level. So, the guy who struggled with something that my undergrads can do seems confident enough to opine on what math we should use in economics generally - in our teaching, research, whatever. Apparently...