The target range is now 1.75-2.00 and the Fed also lowered the IOER (interest on excess reserves) 30bp to 1.80%, theoretically to keep the fed funds rate from m

The target range is now 1.75-2.00 and the Fed also lowered the IOER (interest on excess reserves) 30bp to 1.80%, theoretically to keep the fed funds rate from moving out of the top of the range as happened earlier in the week (fed funds != repo) Personally, I think they need to return to the days when excess reserves were paid no interest at all. Unfortunately that would remove order 40B in free money money center banks have been booking the past few years.