So now let me. Yes question. >> In the Fed Funds market, if the overnight rate is an average of the banks that are participating, how do you asses when there is more settlement risk or less settlement risk? When would you be at that top of the curve? >> Yeah. I got it. So the question is about this diagram here and the question is. This is a little bit different concept of risk than here, or here, okay? Where we connect it with inventories. And so it was sort of more conceptual, okay? What this diagram is showing is, imagine that in the economy people are having more and more difficulty settling, okay? That the deficit agents are persistent deficit agents. And the surplus agents are persistent surplus agents, and they see the deficit agents, and they don't really want to lend to them, okay? So to get this to settle off the balance sheet of the fed, there's upward pressure on the fed funds, right? Okay, that the surplus agents say, if you want to roll this debt for another day, all right, I'll do it. But I'm not going to do it at the fed funds target. Okay I'm going to want another 10 basis points or another 30 basis points. And so there's upward pressure there. Now, at that moment, the fed has a choice, okay? It can either say, well, I see this pressure, I see this pressure in the fed funds market, and the fed funds effective is moving above the target rate. I have two choices, I can say, the market is telling me that the target is too low. And I need to raise the target in order to send the market as a whole a message that we need to settle, okay? People need to settle, okay? And make it more expensive for them to put it off. I don't like the fact the people are putting it off. And so sometimes the fed responds to an increase. So, as settlement risk is increasing, so you're moving in this direction, okay? The fed funds effective starts to slide up, okay? The fed can respond to that by raising the target. Or it can respond to that by saying no, this is just a temporary thing, and we are just going to put more reserves in the system. And we are going to stand in between these surplus and deficit agents ourselves, essentially. And therefore take the pressure of the fed funds market, and so keep it near the target, okay? So what you see in the price of fed funds, in the fed funds market, what you're calling feds funds effective, is the average price that banks are charging each other, okay? There's a whole range around that, different banks charge different banks, depending on your creditworthiness. And there's no particular reason that the fed funds effective needs to be smack on the target. It's a little weird today because we have all these excess reserves floating around, so. But in normal times, the fed funds effective float fluctuates around. Sometimes it's above, sometimes it's below. And the fed can decide whether it wants to accommodate that, okay? By increasing reserves and therefore in getting back to the target. Or do the opposite, say well the market is telling me that there's something wrong. It's sending me a signal that people have made promises that they're not able to keep and so they're having to postpone payment, and this is bad. We need a little more discipline in this system right now and I want to send a signal, that we're going to be in a discipline period for a while, okay? And people better just be careful, okay? And that would be a choice here. So, we understand and I like this question because what it's essentially asking is how do you link up the first part of the course which was about payment system and settlements okay? With the market making part here, okay? And that's exactly what we're trying to do. That's exactly what this diagram is supposed to do, is to connect up the payment system with the rest of the money markets.