In principle, these funds could hoover up the bulk of the new bills by simply paring the cash they place at the Federal Reserve via its reverse-repurchase (repo) facility.
Two lusty blasts on my dog whistle brought no answering blow from the steamer, but the cook, paring potatoes in the open stern, waved to us as we angled to cross their wake.
And I've had to worry along for nearly fifty years, saving and paring, and haggling and intriguing, to get here a bit and there a bit — and not one perfection in the lot!
The fact that America's emergency interventions in the past two weeks had gained traction, with deposit outflows slowing and markets paring their losses, is what enabled the Fed to turn its attention back to inflation.