Is reverse repurchase working?

Reverse repurchase was the gimmick the Fed invented to get the non-member banks access to the Fed deposit rate. The total deposit balance is blue and exceeds the loans to DC, the loan to deposit rate now .85. The blue line is a cycle mainly because the Fed is closing has created a loop, hopefully that goes away. The new deposits only earn .12 compared to the existing member deposits earning .25. If you consider the remits back to Treasury as a tax on the bond market then we have an effective tax cut. I looked at the Treasury yields from Bloomberg and the one year bond is now .29, higher than the deposit rate. The ten year is about 2.48. The curve has flattened. Interesting times ahead.