But it’s not really EFF that they should be worried about. It is, in fact, all the other money rates that are all over the place. The unpredictability of money markets leads to hoarding liquidity among money dealers and then the spread of chaos into other markets and eventually the global economy. We are already in that position.
The monetary decay on display right at this very moment, to say nothing about economic slowing, is staggering. The lackluster, immaterial official response focused on EFF is par for the course. They really don’t know what they are doing.