so according to this, since Treasuries yield more than ON RRP the wholesale cash moved from ON RRP into Treasuries

so according to this, since Treasuries yield more than ON RRP the wholesale cash moved from ON RRP into Treasuries

when the US Treasury spends them - they flow right back into broad money

indeed, currently T bills yield from 4.29%, while ON RRP is at 4.25%

interesting take!