>>512058356
it's IORB you want to watch
do note how IORB and RRP rates coincide with the amount of reserves in this chart >>512045440
this has been the game since 2008
reserves are the grey area of the chart
you can see how they at first kept FFR at zero, then tried to pay themselves IORB until 2019, when the repo happened
then they were forced to drop IORB again
then their reserves spiked right along with IORB and here we are now and this is seen in pic rel
picrel is why powell won't lower rates
they are fully bankrupting the treasury and only paying the banks (mostly the NYFED's primary dealer and their various subsidiaries)