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《No money market fund will lend, and no repo dealer can borrow, below that rate.》

Why ignore specials? Is it because the existence of specials threatens the mainstream economic narrative that prices are efficient?

《the idea of an overnight rate complex seems helpful: a set of rates that broadly move together, but which also have changing and important internal patterns.》

Would Fischer Black call this noise?

Don't they trim means and otherwise manipulate the data to report numbers that have purely reflexive value (i.e., if everyone believes in them, they become real by a sort of mass hysterical self-fulfilling prophecy channel)?

Why not report the standard error on their rate surveys? Are the confidence intervals too wide to say any one story is more likely than any other (back to noise)?

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