The Fed is systematically late

All of this is preceded by the one year treasury yield, even the tiny shifts.  Those corner turnings, on closer look, is the Fed catching up to the turning point in the one year.

The Fed is, in essence, trying to recover past 'right to coin' costs, cost it knows will eventually be dumped on it.

The zero bound is the Fed losing a big chunk of market share, tax dollars concentrated up and shadow banking captured much of it.

The New Fed will be freed of the short term constraint and bet the constraint most important to a risk equalized, representative sample, as revealed in their S/L accounts and congestion fees. It recovers market share.