A policy brief on the mission creep:

Governments claimed LIBOR was rigged and forced everyone to use new reference rates. Turns out it was all nonsense.

The International Role of the U.S. Dollar – 2025 Edition

Wow huge btfd from foreigners in May. Yuge amount of net inflows into US assets. Mostly in Treasuries and Equities.

Fed is not self-funded, but indirectly funded by the public. This is because the Fed remits its net income to the Treasury - the more the Fed spends the less it income it remits to Treasury. Large Fed spending on things like new buildings increases the federal deficit.

Nothin new under the sun.

No one really knows how big the U.S. repo market is. Or rather, no one 𝑑𝑖𝑑. We combed through the appendixes to a decade of annual reports for over 150 dealers and banks to get the full picture. The total? $12 trillion, almost doubling previous estimates.

Almost all political donations by Fed employees go to one party. The Fed is already politicized.