The Fed’s big liabilities: reserves, US paper dollars, RRPs, and the US government checking account. Reserves already plunged by $1.03 trillion.

Powell quotes Volcker, promises to “use our tools forcefully,” take “forceful and rapid steps” to reduce demand until “confident the job is done,” though it’ll bring “pain to households and businesses,” but not doing it will cause “far greater pain.” Hawk city. Finally got through to the markets?

What the Fed did in details and charts.