But for Treasury, the gravy train has ended: Fed released preliminary info on interest income, interest expense, other expenses, profit, and dividends.

The Fed’s cumulative losses reached $20.5 billion.

“We’ve raised 425 basis points this year.” Now it’s “not so important how fast we go” but “what the ultimate level is,” and “how long we remain restrictive.”

We find a good rubbernecking spot.

Keeping an eye on stuff, including dollar liquidity swaps and Primary Credit.