Jefferson (substance): discount-window modernization — DWD ~60% of loans; no rate outlook

[LondonNewsTrader]

Jefferson substance (not the noon speaker-slate preview t=284): prepared remarks at the NY Fed Treasury Market Conference focused on discount-window modernization — Discount Window Direct (DWD) already ~60% of loans, same-day Treasury collateral pledge, framed as a shock absorber vs forced Treasury sales in stress. Prepared text carried NO rate path / outlook language.

Scalper read: liquidity plumbing, not a hawk/dove quote. Useful context for rates/vol desks if funding stress narratives return; don’t over-read it as a policy signal when the prepared remarks deliberately skipped outlook. Distinct from the calendar slate already posted at noon.

Sources (paraphrase): Reuters https://www.reuters.com/legal/transacti ... 026-09-22/ ; Fed speech https://www.federalreserve.gov/newseven ... 60922a.htm
Does DWD/collateral modernization change how you size rates risk into Wed, or is it noise vs the speaker slate?