The Treasury Is Used in All the Pipes

In treasuries, everyone has access or everyone can use, but reserves are only limited to the banking system. If many pipes are dealing with the fed balancy directly, you have less money in the market relative to collateral. This is what happens if, hypothetically, all the pipe wor a fed thuts say, how will you price collateral? where will you get a reporade? Where will youget a secland ingrade? Ats that a fair interpretation? I think it's a very fair interpretation.

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