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After the Great Recession, the Fed bought an unprecedented amount in Treasurys to inject cash into banks' accounts. There's now over $2 trillion in excess reserves parked at the Fed (there was less than $500 billion in 2008). It figured that one way to pare down these Treasurys was to lend some to money-market mutual funds and other dealers. It does this in transactions known as reverse repurchase operations, which basically involve selling the Treasurys and agreeing to buy them back the next day. The Fed sets a lower "floor" rate on these so-called repos. Then it sets a higher rate that controls how much it pays banks to hold their cash, known as interest on excess reserves, or IOER. This acts as a ceiling, since banks won't want to lend to one another at a rate lower than what the Fed is paying them (at least in theory). In July, the last time the Fed raised rates, it set the repo rate at 1% and the IOER rate at 1.25%. With the 25 basis-point increase expected on Wednesday, the new "floor" repo rate would become 1.25% and the ceiling 1.50%. The effective fed funds rate, which is what banks use to lend to one another, would then float between 1.25% and 1.50%. When the Fed raises rates, banks are less incentivized to lend, since they are earning more to park their cash in reserves. That reduces the supply of money and raises its price.

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