Fed Floor System: How IORB and ON RRP Set Interest Rates
Discover how the Federal Reserve’s floor system controls interest rates using administered rates like IORB, the ON RRP facility, and the discount window.
Discover how the Federal Reserve’s floor system controls interest rates using administered rates like IORB, the ON RRP facility, and the discount window.
How the US repo market really works: repo vs reverse repo, SOFR, the Fed’s RRP floor and SRF ceiling, and what broke in September 2019.
How the repo market actually works — collateral, haircuts, SOFR, the Fed’s ON RRP, and why the $2.5T overnight RRP facility drained to almost zero in 2026.