implementation: everyone on the record — The Minutes https://minutesof.com/on/implementation/ Everyone on the record about implementation: 8 verbatim quotes from 4 people, February 2024 to July 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:01 +0000 John Williams: Williams says counterparties need repo rates materially above SRF rate before using the facilit https://minutesof.com/q/1a3f0166-b908-4151-a00f-d2bb7c86ac34/ https://minutesof.com/q/1a3f0166-b908-4151-a00f-d2bb7c86ac34/ “These frictions add to the costs that counterparties face when using the facility and mean that counterparties generally require private market repo rates to trade materially above the SRF minimum bid rate before using the facility.” — John Williams, NY Fed speeches implementation John Williams: Williams notes the SRF was used at June quarter end and mid-September as reserve levels fall. https://minutesof.com/q/6c682eb9-fec6-4c5f-8ba0-b35b9dff4442/ https://minutesof.com/q/6c682eb9-fec6-4c5f-8ba0-b35b9dff4442/ “But as reserve levels fall this is shifting somewhat, with the SRF used at the recent June quarter end and at the mid-September tax date.” — John Williams, NY Fed speeches implementation John Williams: Williams notes actual tariffs in effect recently were much smaller than announced rates. https://minutesof.com/q/b2d69e95-0be1-4f71-97e4-c010e514c80c/ https://minutesof.com/q/b2d69e95-0be1-4f71-97e4-c010e514c80c/ “But actual tariffs in effect in recent months were much smaller than that, as seen by the amount of tariff revenue collected each month.” — John Williams, NY Fed speeches implementation John Williams: Williams explains ample reserves deliver adequate liquidity to maintain rate control and smooth https://minutesof.com/q/d9c1d41c-447a-4969-b4d7-4c90d7745940/ https://minutesof.com/q/d9c1d41c-447a-4969-b4d7-4c90d7745940/ “In the Fed’s monetary policy implementation framework, an ample supply of U.S. dollar reserves delivers adequate liquidity to the banking system, helping to maintain rate control and smooth market functioning.” — John Williams, NY Fed speeches implementation Brad Gerstner: Gerstner expects Social Security Administration to auto-create 70 million accounts for all chil https://minutesof.com/q/95f5a8c4-ec16-46af-8692-6070ffdb707e/ https://minutesof.com/q/95f5a8c4-ec16-46af-8692-6070ffdb707e/ “I hope that over the course of the next few months we're going to be auto creating with the Social Security Administration 70,000,000 accounts for every kid under the age of 18 so that we can get this money into those accounts and and get it compounding.” — Brad Gerstner, Altimeter Capital Mon, 06 Jul 2026 17:55:46 +0000 implementation Howard Lutnick: Lutnick says they implemented full tariff policy by April because they prepared for over a yea https://minutesof.com/q/9a4f55fe-e5d5-4e59-a65b-62ad3a01a055/ https://minutesof.com/q/9a4f55fe-e5d5-4e59-a65b-62ad3a01a055/ “Think about January 20, he walks into the Oval Office, and by April, full on tariff policy is gone.” — Howard Lutnick, Pod Force One with Miranda Devine Wed, 01 Oct 2025 11:00:06 +0000 implementation Howard Marks: Marks says sharing investment wisdom poses little risk because most people cannot implement the https://minutesof.com/q/7a85bcb9-79e8-4503-a876-aa0c40c8274c/ https://minutesof.com/q/7a85bcb9-79e8-4503-a876-aa0c40c8274c/ “So I'm not putting myself at risk, because some people are gonna say, well, that's what he says. I'm not into that.” — Howard Marks, David Perell Wed, 21 Feb 2024 13:20:30 +0000 implementation Howard Marks: Marks believes most readers cannot implement his concepts even after understanding them, so shar https://minutesof.com/q/dc7cd161-9085-4be2-9ce6-275d09ff1528/ https://minutesof.com/q/dc7cd161-9085-4be2-9ce6-275d09ff1528/ “Well, I really believe that I can tell people what's important, but most of them are still not gonna be able to do it.” — Howard Marks, David Perell Wed, 21 Feb 2024 13:20:30 +0000 implementation