SFM Interview: Fed is borrower of first resort as overnight repo balances surge

It’s been widely reported that cash is flooding into short-term repo markets, as investors park record balances at the Federal Reserve overnight. We speak with George Selgin, senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute, about what these surging repo balances have to do with the remarkable rise and fall of the Treasury General Account.

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