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The Powell Put Won't Save Stocks | Joseph Wang
Forward Guidance
The Fed Controls the Secured Overnight Financing Rate
The EFFR is in a dead market. It really has no economic significance except to the few people, for boomers in the Fed who think it's important. Unfortunately, they have a lot of influence. When the Fed funds rate is above SOFR, then they are going to lend more in Fed funds. That's really odd. The home loan banks who are the only lenders in the Fed funds market, they have two investment options, basically, lend and repo or lend in Fed Funds.
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