Taco trucks on every corner again and again it sounds brilliant

No

Often the "technology" is largely a method for circumventing regulations. Perhaps that will be the case here too.

EFFR-IORB spread, Reserve / GDP or Bank Assets ratio, FBO cash balances, reserve demand elasticity, etc.

4) Where “ample” is optimal is an ongoing policy and academic debate, but regardless that’s what policy has chosen for the time being.

3) Of course, “ample” is hard to define, just like Full Employment or many other important policy targets, but we do have a wide range of reasonable quantitative indicators that can give us a sense. The broad intellectual concept is just above where rates become reserve demand & supply sensitive.

so far usage has been very minimal relative to the market. It’s a work in progress, and in the coming meetings they can lean into making it more appealing and functional or not, that’s the debate. But right now, it is unproven in its ability to facilitate as a large scale back stop.

2) It is not clear yet if the SFR will be able to become the fully operational repo backstop it should be yet – there are still stigma concerns, among other things. Adjustments to rates and participants could facilitate this in the future, but

1) I agree with you that it might make mor sense for the Fed to be explicitly targeting repo rates. There’s been some good discussion around this the Lorie Logan and analysts in the last few months.

They telegraphed QT for sure, but the other "technical" tweaks I don't think so.

and has not really had a chance to get going. Perhaps the Fed will "reserve the right" to engage in TOMOs even if it doesn't commit to them on pressure dates.

Thoguhts? (n/n)