Treasury Bills Trading Below Fed's RRP 'Floor' [Eurodollar University, Ep. 207]

The Federal Reserve's rate hike increased the reverse repo program rate, the so-called rate "floor". But why then are the 4- and 8-week US Treasury Bills trading BELOW the floor?  Because there's a collateral shortfall. A monetary deflation perhaps?

----EP. 207 REFERENCES----
The Fed Inadvertently Adds To Our Ironclad Collateral Case Which Does Seem To Have Already Included A ‘Collateral Day’ (or days): https://bit.ly/3wFfRv2
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

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---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Arcaders" by Ben Elson.

------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/

Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com

David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com

Ben Elson: https://www.epidemicsound.com/artists/ben-elson/
Arcaders: https://www.epidemicsound.com/track/mXeSACLm2g/