Hello, fellow rebel capitals. Hope you are well. So we got big news coming out of the Fed. And I think this is just them showing their cards. What I mean by that is I think QE is inevitable. So they were doing QT. They stopped QT. but now I think it's time to hit the cowbell once again.

Now, do I think this will make a difference?

No, I don't.

No, I don't.

And we're going to get into that right now.

So let's check it out.

FTE right here reporting.

Let me try to zoom in for you guys so you can see this.

New York Fed convened meeting with Wall Street firms over key lending facility. So what they're talking about is the standing repo facility at the Fed. So for, I'm sure a lot of you've heard

about the repo market. The repo market

is usually doesn't involve the Fed. This is a completely separate deal. Now, the repo transactions,

but the big question here is why are these counterparties using the Fed's standing repo facility.

So is it just because there aren't enough bank reserves in the system?

Or is it because counterparty risk is increasing?

See, these, and you never hear about, well, maybe, just maybe,

rates are increasing in repo. And we'll go over

that, the main repo market, not the feds, because the Fed doesn't increase their rates,

which is why you see the usage tick up. But we'll get into that in a moment. So I think the main

things that I want to discuss here are why the Fed would do QE,

what this really tells us about the monetary system, the financial plumbing,

and then what the results of the QE will likely be or not be. Okay, so let's go down here. New York Fed Reserve President

John Williams convened a meeting with Wall Street dealers this week over a key short-term

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