Joseph Wang is a former senior trader on the open market desk at the Federal Reserve Bank in New York and the author of the book Central Banking 101. He also blogs at fedguy.com and is active on Twitter. Joseph joins Macro Musings to discuss what has happened at the Fed from the operational side, and we consider its implications for money markets. Specifically, Joseph and David discuss recent events from the perspective of the Federal Reserve trading desk, Joseph’s conception of a two-tiered monetary system, continued dollar dominance in global money markets, whether the Fed’s overnight repo facility is truly a temporary facility or trending towards a permanent one, and much more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Joseph’s Twitter: @FedGuy12 Joseph’s website: http://fedguy.com/   Related Links:   *QE Zombifies Money Markets* by Joseph Wang https://fedguy.com/qe-zombifies-money-markets/   *The Gravitational Pull of Zero* by Joseph Wang https://fedguy.com/the-gravitational-pull-of-zero/   *RRP At The ZLB* by Joseph Wang https://fedguy.com/rrp-at-the-zlb/   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth