Financial & markets regulation
If you’re going to say that the repo market in the United States — which is almost entirely intermediated by bank-dealers — is competitive, you need plenty of evidence. Citing levels of price dispersion within the market doesn’t make a compelling case.
So what he’s saying is, the Fed will raise rates at some point and it won’t be a very long time from now. But he’s not saying it’s going to be in a week or a month or a couple of months. Right. OK.