@nostrich
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Recent Notes
People are all up in arms over this Tucker-Putin interview.
I’m all for free journalism but I am also busy this week. For people who have seen it, is it worth spending two hours to watch it or does...
Certainly worth it. Many conclusions to draw from it not the least of which is we’ve been starved of this kind of journalism for far too long.
The Fed's Bank Term Funding Program (BTFP), the facility that they introduced after the March 2023 banking crisis, now offers lower borrowing rates than the Fed pays in interest on reserve balances.
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Interesting observation about the banks arbitraging the difference between the BTFP and interest on reserves. Do you think this was an intentional move by the Fed to encourage more lending by making it advantageous for banks to borrow from this facility? Or was it an unintended consequence that the Fed may need to address?
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