🧵In July I wrote a primer on the mechanics by which the Fed steers the prevailing interest rates in the economy.

In July I wrote a primer on the mechanics by which the Fed steers the prevailing interest rates in the economy. It covers the ON RRP, IORB, Discount Rate and SRF channels, explaining how together they set a corridor with upper and lower limits for the effective rate. Prior to today the article reading experience was subpar, due to the amount of supporting images - the thread is composed of several shorter posts, and each one came with an image. I've made it a lot more readable by removing most of the images