The Importance of Market Liquidity in Crisis

Market liquidity has nothing to do with the Fed It's really about the risk appetite of the market maker and what kind of balance he's got behind him, right? And that can increase or decrease reserves in the Fed bond system and have no impact whatsoever. So interestingly these these Deposits are not fungible, right? I can't hold I can't have a deposit at the Fed You guys can't have deposits the Fed you have to be a bank a chartered bank To do it. Because excuse me my favorite cats and dogs in the background.