Renewed RRP Decline Is Sigh Of Relief In Some Corners

The trajectory of daily balances in the Fed's RRP facility remains a focal point for market participants with reason to trouble themselves over such matters. To be clear (and to be honest) that's not most market participants. I try, whenever possible, to be straightforward about the extent to which many of the dynamics discussed here on a daily basis simply aren't relevant for everyday investors. This dynamic is relevant for pedestrians (so to speak) only to the extent usage of the Fed's RRP f