In this episode, we enter the world of US Treasury operations with a focus on the recent resolution of the debt ceiling—often perceived as crisis averted. Yet, is everything truly back to normal? As the Treasury prepares to refill its coffers, we're going to dissect the mechanics of this operation, the role of bank reserves, the Fed’s reverse repo window, and the underlying complexities that could impact financial markets.

Today’s Bullets:

* The Treasury General Account

* How much does the Treasury need?

* Reserves and Reverse Repos

* State of the Great Re-Funding

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