Raising rates

 

Yellen's normalization is to keep the balance sheet balanced, assets on the gray and deposits on the blue.

But the one year jumped and cause a deposit run as we see.  Yellen does not want those high seigniorage fees, they kill the fiat network as tax dodging is simple and those fees are not legislated.  Yellen then and Powell now is in a pickle. 

I dunno exactly why one year rates went up. But I suspect the whole fiasco started with OPEC opening the spigot, especially the Saudis.