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They released their implementation note here [1]. The Fed completely uncapped the ON RRP program, along with pushing IOER up to 50 basis points as expected. Fed
by AngrySkillzz 11y ago
They released their implementation note here [1].
The Fed completely uncapped the ON RRP program, along with pushing IOER up to 50 basis points as expected. Fed is sending a signal that they will use RRP to keep the FF rate near their target by any means necessary.
[1] http://www.federalreserve.gov/newsevents/press/monetary/20151216a1.htm http://www.federalreserve.gov/newsevents/press/monetary/2015...