But right now– and I fully agree with him here – the dollar and global central bank liquidity situation is positive for risky assets. Before I get to the expected direction of the RRP, I need to first make an assumption about the market’s sentiment re: risky assets. The rate of change of rate hikes is slowing, which, vs. 2022, is a major improvement for market sentiment towards risky assets. My assumption is that others – like myself – will remove money from money market funds and go long risky assets, causing the RRP balance to shrink. Money market funds make up the majority of participants in the RRP scheme because it offers a risk-free way to earn yield.