Yes — and how would the Fed have rolled off a chunk of its US Treasury holdings since 2022, if not for the drain of the RRP? And even more importantly, now that the RRP is drained… who or what is going to finance the massive issuance/refinancing of UST bond coming our way?? pic.twitter.com/B5RjRno403
— David Sommers (@dgsommersmkts) July 10, 2025