Other Fed news: Fed cuts the interest rate on "excess reserves" to 2.35% (down from 2.4%).
It's a technical move to try to bring the effective interest rate back down to the middle of the Fed's 2.25% to 2.5% range. #Fed#economy
Problem is, TLTRO-III with negative rate wouldn't help (core) banks much with the highest excess reserves. On the other hand, a tiering system would be complicated to implement, with the risk of signalling rate *cuts*... unless it's the objective?