Fed officials grapple with lift-off details
Idea of higher cap for overnight RRPs explored
Federal Reserve officials discussed the possibility of "substantially" raising the cap on its overnight reverse repos (ON RRPs) at their last meeting when it begins to normalise policy.
Minutes from the Federal Open Market Committee (FOMC) on January 27-28 reveal extensive discussion about the "lift-off tools" at the Fed's disposal when tightening interest rates.
When the Fed wants to increase interest rates, it will increase its target range for the federal funds rate - the interest banks
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