Why ‘Fixing’ The RRP ‘Problem’ Isn’t Straightforward

Over the past several weeks, the RRP situation, and the discussion around "what to do" about it, has taken on a new sense of urgency. Fed officials and some short-end strategists would probably tell you that's a poorly-worded sentence. There's no "situation," they might say, and even if there is, there isn't anything "urgent" about it. My own view is that, at the least, the Fed needs to do a better job of acknowledging why some market participants think this is an issue. Monetary technocrats h