The Interchange: Don’t count on a retail Fedcoin anytime soon

This past week, the Federal Reserve issued a notice explaining its objection to open its balance sheet for pass-through-investment-entities (PTIEs) looking to take deposits from institutional investors and investing "all or substantially all" of the capital at the reserve bank. Matt Levine had a nice summary as to the reasoning here, but in summary the Fed's reluctance to take deposits comes down ...

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