The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang
Forward Guidance
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The TGA Drawing Down and the RFP Coming Up
Money market funds don't really want to take a lot of duration risk. And so they will probably never technically take a loss because they will buy treasury bills and hold them to maturity. So I think as as the terminal fed fund rate becomes more sort of certain, that's probably when we'll start to see the RFP start to come down.
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