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4min chapter
Lou Crandall & Joseph Wang: A Monetary Plumbing Masterclass
Forward Guidance
The Fed and the Treasury in the Pandemic
The Fed's earnings go down right now that's not being recognized because they can't actually ask the Treasury to cut them a check for their negative interest earnings. But if the same thing had been achieved by the Treasury not extending the average maturity of the debt back during the pandemic, and it's simply ramped up the issuance of bills, then we wouldn't be having these debates about who lost money. The RRP facility has been an extremely efficient vehicle for meeting public demand for high-quality, safe, short-term assets.
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