Hello, fellow Robo Capitals. Hope you're well. So we got big news in the repo market.

That's right. Everybody remembers September 2019. Repo madness where the repo rate went up to almost 10%, maybe even a little higher than 10%.

Well, we're starting to see red flags again. And it's not just in the repo market. It's in other

markets as well. So when you put everything together, all the pieces of the puzzle, you see that the

risks in the system are starting to increase substantially. All right, let's first and foremost go over to what is happening in repo. And I'm using SOFER. So we're going to look at the delta between SOFER and we'll do SOFER and Fed Funds rate. Now, what's really kind of bizarre is I don't know if you guys

have experienced this today, but I guess Amazon, a lot of their servers or cloud servers

or something like that are down. So it's definitely impacting the Fred website because I couldn't

pull up any charts on Fred at all. I just kept getting like an error message.

So hopefully they'll have that fixed soon. Well, let's go over to macro micro and we can see

this yellow line is what we really want to pay attention to. So let me zoom in and let's check out.

Whoa. Whoa, whoa, whoa, whoa, time out here. Okay. That looks like it's as far as it's

going to let me go. So let's look at that yellow line. Now what we want to do is we want to, once we

see the yellow line, we want to focus on the difference or the spread between the yellow line

and the red line or,

maybe it's orange.

The orange is the effective Fed funds rate.

So the overnight rate of interbank lending.

Now, that is going to be different than the interest rate the Fed is paying on reserves because there's parties

and counterparties involved there that don't get paid on their reserves. So they're just trying

to pocket a spread over reverse repo. So reverse repo right now is 4%. So that's why you see

the effective funds rate slightly below, actually the interest paid on

reserves. But we're getting into the nitty gritty of the plumbing there. It's really not

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