This is all true. But it is worth noting that the Fed has increasingly tried to apply untraditional monetary policies. For instance with operation twist, the Fe

This is all true. But it is worth noting that the Fed has increasingly tried to apply untraditional monetary policies. For instance with operation twist, the Fed was trying to control long term rate with bond buying. Also I believe they also keep an eye on repos, not the least because it will be the basis for SOFR, the replacement of LIBOR.