How should the Fed think about recent funding market signals. These paragraphs from Lorie Logan's most recent balance-sheet speech (in August) seem relevant now. Especially these sentences: "To get back to the long-run demand curve for reserves, central banks need to bring the average level of market rates up closer to interest on reserves in a sustained way.... Moving the average level up closer to interest on reserves also requires some tolerance for temporary, modest moves above interest on reserves." https://www.dallasfed.org/news/speeches/logan/2025/lkl250825(Nick Timiraos)