2min chapter

Forward Guidance cover image

The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang

Forward Guidance

CHAPTER

The Risks of Investing in the RRP

The RRP is the Federal Reserve's attempt to supply collateral to a market that is has too much liquidity. If you're a money fund manager, you're basically going to just sleep in until like noon and then wake up and put money in the beef that's RRP. The Treasury bills, which is something that they would otherwise be buying, the yields are below the RRP. So I agree with Maroon's view that we could see the RRP continue to increase maybe significantly.

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