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The second paragraph....
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150 sats \ 0 replies \ @k00b 31 Mar
This one?
Banks hold most of their reserves in master accounts at the Fed. Reserves are assets held as liquid cash balances, as opposed to funds invested in loans or securities. Banks were subject to minimum reserve requirements until 2020, when the Fed removed them.
The way the government admits things always has a weird air to it. "I went out for ice cream with Tom. I cut his right leg off with rusty saw. Tom got chocolate ice cream and I got vanilla."
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