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Wrightson ICAP writes they were "very happy to have been wrong" about the Fed only boosting its administered rates 3bp (they rose 5bp).
- "Our assumption was that concerns about the optics of an unexpected rate "hike" might persuade the Fed to limit the size of this tweak, but the Fed delivered a full five basis point adjustment. We think it will be a worthwhile investment in market functioning."
- In their view, the ON RRP rate rise will make the facility more attractive to market participants, with a "surge" in cash in the facility tomorrow (Friday).