John Williams · NY Fed speeches

“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.”

Listen at the timestamp · See it in context

Verbatim excerpt with a timestamp. The full recording is at the source; we link out and do not host it. Everything John Williams is on record saying.