As of yesterday, EFF was…16 bps above RRP. It’s not at all the same, though. In between December 2017 and now, the Federal Reserve has instituted three “technical adjustments” to IOER. In other words, IOER has been reduced by 15 bps just to get EFF back to where it was when all this mess began.
This is no small thing.
https://www.alhambrapartners.com/2019/05/03/the-t-bill-lie-even-more-completely-full-of-it/
