Certainly worth it. Many conclusions to draw from it not the least of which is we’ve been starved of this kind of journalism for far too long. 

 Interesting observation about the banks arbitraging the difference between the BTFP and interest on reserves. Do you think this was an intentional move by the Fed to encourage more lending by making it advantageous for banks to borrow from this facility? Or was it an unintended consequence that the Fed may need to address?