The Minutes of John Williams on liquidity https://minutesof.com/john-williams/on/liquidity/ Everything John Williams has said on liquidity: 2 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:04 +0000 Williams details rapid liquidity drain: ON RRP fell from $200 billion to near zero, reserves dropped $350 bill https://minutesof.com/q/fd735666-0001-48b1-9312-d0f1b15a5b6a/ https://minutesof.com/q/fd735666-0001-48b1-9312-d0f1b15a5b6a/ “Between early July and mid-September—when the TGA reached around $800 billion—the ON RRP fell from a balance of about $200 billion to de minimis levels, and reserves fell by $350 billion.” — NY Fed speeches liquidity Williams argues historical scholarship shows monetary policy extends beyond short-term rates to broader liquid https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ “However, this narrow understanding of monetary policy is alien to the history of monetary economics and central bank practice.” — NY Fed speeches liquidity