"People always overdo the matter when they attempt deception."
Charles Dudley Warner
Just watching, and waiting.
Speaking of overdoing the matter, a reader informs me that the Fed has changed some names in their Monetary Base Report H3.
Excess Reserves are now called Balances maintained that exceed the top of the penalty-free band
Now, is that just a new bureaucratic euphemism, or is the Fed tipping its intention to start penalizing certain reserve categories held by the Banks with negative interest rates? And if penalties on reserves are enacted, what if anything does that imply for interest paid on savings deposit accounts and other savings vehicles?
Is that a calculator in Ben's pocket, or is he just glad to see us?