The hottest Regulation Substack posts right now

And their main takeaways
Category
Top Technology Topics

China’s AI Landscape: a free-for-all, not a central plan

ChinaTalk • 1022 implied HN points • 30 Jan 26
đź•ą Technology Regulation
  1. Private companies are driving most AI model development and deployment, while state actors mainly build infrastructure and narrow public-facing applications rather than leading frontier research.
  2. Frontier developers are diversifying—building specialized, multimodal, and vertical models for commercial use—rather than all converging on a single path of ever-larger general-purpose LLMs.
  3. AI activity is highly concentrated in a few provinces because local governments use subsidies and fiscal incentives to attract projects, creating a decentralized but uneven ecosystem that can skew where innovation happens.

Public Choice Links, 2/23/2026

In My Tribe • 197 implied HN points • 23 Feb 26
🇺🇸 U.S. Politics Regulation
  1. Firms exist because centralized coordination has its own costs, but market coordination also has transaction costs, so internal management can be more efficient when that tradeoff favors it.
  2. Lobbying reached record levels in 2025 as companies spent more to influence an unpredictable federal government, and foundations/nonprofits increasingly fund projects tied to donors' ideological priorities like social justice.
  3. A universal flat Social Security benefit set above the poverty line would more effectively and cheaply reduce senior poverty, raising benefits for low earners and reducing them for higher earners, and would shift the common 'you earned it' narrative.

AI Won’t Automatically Make Legal Services Cheaper

AI Snake Oil • 648 implied HN points • 12 Feb 26
đź•ą Technology Regulation
  1. AI alone won’t make legal outcomes cheaper because regulatory rules and professional restrictions can block or limit consumer access to AI legal tools.
  2. The adversarial nature of the legal system means productivity gains often spark an arms race—when both sides use AI, more work is produced but outcomes don’t necessarily get cheaper.
  3. Human bottlenecks (judges, lawyers, and the need for oversight) and procedural incentives mean institutional reforms are required before AI can deliver lower-cost, better legal outcomes.

The singularity won't be gentle

Silver Bulletin • 800 implied HN points • 11 Feb 26
🇺🇸 U.S. Politics Regulation
  1. If AI even somewhat transforms work and daily life, it will change politics in deep and unpredictable ways. Expect big disruptions rather than a smooth, gentle transition.
  2. Tech elites are out of touch with the broader public and often misread political dynamics. Their concentration of power and overconfidence could provoke strong backlash.
  3. Creative and knowledge workers who shape public opinion are particularly vulnerable to AI-driven job disruption. If they or their children feel their livelihoods are threatened, that could drive substantial political pushback.

Meta's Legal Team Abandoned Its Ethical Duties

After Babel • 1743 implied HN points • 20 Jan 26
đź•ą Technology Regulation
  1. Meta’s in-house lawyers allegedly hid and destroyed research showing harm to children and used attorney-client privilege to suppress evidence, mirroring tactics once used by Big Tobacco. This behavior shows lawyers abandoning their duties to the court and the public in order to protect a powerful client.
  2. Existing accountability tools — like state bar investigations, judges piercing privilege, disbarment, and legislative reform of privilege rules — could and should be used to punish and deter such conduct. Holding individual lawyers and leaders responsible is presented as a necessary step to stop ongoing harm.
  3. If corporate lawyers are allowed to enable cover-ups, public trust in the legal system and the safety of children are at grave risk. Restoring and enforcing legal ethics is framed as essential to preserve the rule of law and prevent wealthy actors from corrupting justice.
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The Bear Cave #310

The Bear Cave • 1049 implied HN points • 25 Jan 26
đź’° Finance Regulation
  1. Short-seller and activist reports are piling up, accusing companies of accounting problems, customer disputes, and regulatory compliance risks.
  2. Several high-level executives have recently resigned, suggesting growing management turnover and possible governance or performance issues at those firms.
  3. Regulatory and legal enforcement is active, with SEC and DOJ actions underscoring increased legal risk for public companies.

Dr. Tokens or: How I Learned to Stop Worrying and Love the AI Bubble

Investing 101 • 119 implied HN points • 28 Feb 26
đź•ą Technology Regulation
  1. Mass market manias and speculative bubbles often fund the heavy infrastructure and breakthroughs we later rely on, so irrational hype can leave behind durable, world-changing assets.
  2. Bubbles create real benefits — massive infrastructure, talent concentration, rapid experimentation, and a library of failures to learn from — but they also produce serious harms like surveillance, dependency, regulatory capture, and locked‑in power structures.
  3. Because individual actors follow their incentives, the AI buildout becomes effectively inevitable and hard to stop; the sensible response is nuance—accept tradeoffs, push for responsibility and governance, and avoid both blind cheerleading and paralyzing despair.

The Climate-Risk Industrial Complex and the Manufactured Insurance Crisis

The Honest Broker Newsletter • 3660 implied HN points • 08 Dec 25
🌞 Climate & Environment Regulation
  1. Property/casualty insurers are earning record profits and strong underwriting gains, so the industry is financially healthy despite media claims of collapse.
  2. Underwriting returns swing up and down year-to-year but show no long-term trend, meaning insurers are not in a systemic underwriting crisis.
  3. A booming climate‑risk vendor industry produces wildly different risk models, and those uncertain assessments have helped justify big insurance rate hikes even though the direct climate-driven increase in losses appears small.

The Great California Wealth Exodus

Common Sense with Bari Weiss • 1275 implied HN points • 25 Jan 26
🇺🇸 U.S. Politics Regulation
  1. A proposed California ballot measure would authorize a first-of-its-kind asset seizure or wealth tax targeting billionaires, creating major legal uncertainty and likely court battles.
  2. Many wealthy founders and investors say they plan to leave California if the measure advances, effectively prompting a potential exodus of high-net-worth people.
  3. That exodus could have big economic ripple effects because these individuals control companies worth roughly $1.3 trillion and employ about 50,000 people, putting jobs and the tech ecosystem at risk.

The NRC Swarm

Gordian Knot News • 168 implied HN points • 06 Mar 26
🌞 Climate & Environment Regulation
  1. The nuclear regulatory system acts like a swarm: individual inspectors just follow rules, but the system as a whole keeps tightening radiation limits and creates costly, sometimes absurd requirements.
  2. Fossil fuel prices used to limit how expensive regulated nuclear could get, but big taxpayer subsidies for reactors and moves to outlaw fossil dispatch remove that cap and let regulatory-driven costs soar.
  3. The proposed remedy is a complete overhaul of nuclear regulation: the current swarm-like system must be replaced with a reorganized regulatory framework, for example via a Nuclear Reorganization Act.

Contra MR On Charity Regrants

Astral Codex Ten • 25741 implied HN points • 22 May 25
🇺🇸 U.S. Politics Regulation
  1. USAID funds many charities, but does not give money directly to people. All funds first go through other charitable organizations.
  2. Overheads in charities, like salaries and audits, are necessary for ensuring that donations reach the intended causes. USAID’s overhead is about 30%, which is typical.
  3. Even with some flaws, USAID programs save millions of lives, and concerns about corruption are often exaggerated. Many charity workers genuinely strive to help others.

Life in the Fast Lane With Robinhood Markets

TK News by Matt Taibbi • 2681 implied HN points • 21 Dec 25
đź’° Finance Regulation
  1. Robinhood grew fast by making trading feel like a game that gives quick dopamine hits, which attracts young, aggressive traders. That design encourages frequent, risky trading rather than long-term investing.
  2. The company’s main profit comes from selling customer orders (payment for order flow) to high-frequency market makers and pushing high-margin products like options and zero-day trades. Those products provide big leverage and can wipe out inexperienced traders while generating hefty fees for the platform.
  3. Robinhood is expanding into prediction markets, deeper crypto leverage, and partnerships with market makers to drive more engagement and revenue. That strategy locks users into riskier products and raises the chance many will suffer large losses if markets turn down.

The Bear Cave #312

The Bear Cave • 466 implied HN points • 08 Feb 26
đź’° Finance Regulation
  1. Activist and short-seller reports are increasingly targeting public companies, alleging overstated assets, insider enrichment, sham contracts, and hidden credit or revenue risks.
  2. A notable string of abrupt CFO and CEO departures across big firms points to rising management turnover and potential governance or operational problems.
  3. Markets and investors are increasingly worried about AI disruption hitting data, legal, finance, and outsourcing businesses, triggering stock selloffs and talk of shorting vulnerable incumbents.

AI #148: Christmas Break

Don't Worry About the Vase • 2553 implied HN points • 25 Dec 25
đź•ą Technology Regulation
  1. AI capabilities are accelerating fast — models like Claude Opus 4.5 and GPT‑5.2‑Codex are getting much better at long‑horizon, agentic coding and benchmarked tasks.
  2. Policy and public opinion are catching up: states are passing laws like New York’s RAISE Act and voters broadly favor federal AI regulation, even as industry and politics push back.
  3. The social and safety picture is messy — AI is disrupting jobs and media (deepfakes and a lot of low‑quality 'slop'), and aligning and reliably monitoring smarter systems remains hard despite improving interpretability tools.

Concerns of Voters

Points And Figures • 532 implied HN points • 16 Feb 26
🇺🇸 U.S. Politics Regulation
  1. Rural voters are split on development — some oppose new projects while others welcome mining and geothermal growth, and they want local control over where and how development happens.
  2. People are worried about state finances and high costs; they like Nevada's 0% income tax but don’t want higher sales taxes or fees, and they want the treasurer to take quick steps and modernize the office to save taxpayers money.
  3. Voters broadly support voter ID and a ballot ban on men in women’s sports, and they also want school choice, better medical access, more clarity around cryptocurrency, and less reliance on California for gasoline.

VSRF LIVE TONIGHT: Episode 218: Dr. Mary Talley Bowden, M.D.

Steve Kirsch's newsletter • 2 implied HN points • 12 Mar 26
🏥 Health Politics Regulation
  1. She treated thousands of COVID patients with early outpatient protocols and publicly challenged hospital vaccine mandates, which led to suspension of her privileges and legal action that influenced FDA messaging on ivermectin.
  2. She now treats people who report injuries after COVID-19 mRNA shots and is publicly calling for those vaccines to be taken off the market pending a full safety investigation.
  3. She wrote a book about misinformation in medicine during the pandemic and is actively pursuing legal battles with medical boards while participating in health freedom advocacy.

The Inevitability of Self-Driving Cars

QTR’s Fringe Finance • 24 implied HN points • 18 Mar 26
đź•ą Technology Regulation
  1. Self-driving cars are inevitable because AI and autonomy are improving fast and the industry is moving toward autonomous fleets.
  2. These vehicles are already safer than many human drivers in tests. They could cut accidents and save tens of thousands of lives each year.
  3. Widespread autonomy will lower costs, reduce parking and commute stress, and expand mobility for people who can’t drive, but regulation and public acceptance are the main remaining barriers.

Richard is going to lose the bracket

Of Boys and Men • 35 implied HN points • 19 Mar 26
🇺🇸 U.S. Politics Regulation
  1. Prediction-market platforms like Kalshi and Polymarket are effectively offering sports betting while operating under federal rules, which lets them sidestep many state gambling protections and serve users as young as 18.
  2. Aggressive app design and campus marketing plus the platforms' financial incentives risk real harms—research links easier online betting to higher bankruptcy, more child-maltreatment reports, and rising suicide risk, with young men hit hardest.
  3. Policymakers can curb these risks with common-sense guardrails—restrict advertising, add friction and deposit limits, raise the minimum age to 21, and regulate sports contracts like traditional gambling—and some lawmakers have already begun proposing such rules.

The Neoliberal Era Was Not Pro-Market Enough

Richard Hanania's Newsletter • 3901 implied HN points • 24 Nov 25
🇺🇸 U.S. Politics Regulation
  1. Neoliberal policies aimed to stabilize economies, but many argue they didn't reduce government size enough. In fact, governments often grew larger instead during this era.
  2. Countries that embraced free market ideas generally saw better economic growth compared to those that maintained higher taxes and more regulations. This suggests that pro-market reforms still matter today.
  3. The debate about whether neoliberalism was a success isn't just about growth rates; it's also about understanding how government policies and public sentiment shape economic actions.

Sovereignty for sale

Comment is Freed • 126 implied HN points • 05 Mar 26
🌍 World Politics Regulation
  1. A handful of tech companies now control critical infrastructure like satellites and AI and can directly influence military and political outcomes by granting or denying access.
  2. Relying on foreign tech firms creates a real sovereignty risk and single points of failure that many countries can’t easily control or compel to act in their national interest.
  3. Governments are waking up to the problem and must pursue 'tech sovereignty' through regulation, supplier diversification, and domestic capability building, because countries like the UK are particularly exposed.

Actuarial Examinations

Doomberg • 17538 implied HN points • 22 May 25
🇺🇸 U.S. Politics Regulation
  1. The U.S. nuclear energy sector has struggled since the 1970s due to regulatory changes that focused more on safety than on promoting nuclear energy. This shift caused a significant slowdown in the construction of new reactors.
  2. The Linear No-Threshold (LNT) model treats all radiation exposure as harmful, preventing advancements in nuclear medicine and technology, which could potentially save millions of lives.
  3. Recent moves by the Trump administration aim to change how the Nuclear Regulatory Commission operates, promoting faster building of new nuclear power plants and enhancing energy production to match other countries like China.

Mark Zuckerberg’s Courtroom Reckoning

Common Sense with Bari Weiss • 306 implied HN points • 20 Feb 26
đź•ą Technology Regulation
  1. Mark Zuckerberg testified in a high-profile trial defending Meta against claims that its apps addict teenagers, and he said the company is not trying to maximize users' time.
  2. Internal documents and past statements suggest Meta did push to increase how much time teens spend on Facebook and Instagram, with executives setting time-on-app goals.
  3. The case could reshape social media's future and accountability, as grieving parents and a jury weigh whether the company harmed teens' wellbeing.

Top Links 1000 Fed dissent. Restricting junk food. Hidden foster care & the secret SLS.

Chartbook • 586 implied HN points • 01 Feb 26
đź’° Finance Regulation
  1. The Federal Reserve is growing more divided about the right path for interest rates, which could raise uncertainty for markets and borrowers.
  2. Policymakers and public-health groups are pushing to restrict junk food availability and marketing to combat obesity and related illnesses.
  3. Serious issues in foster care are staying hidden from public view, and a secretive SLS program underscores gaps in oversight and transparency.

Meta’s Child Sex-Trafficking Problem

After Babel • 2993 implied HN points • 03 Dec 25
🇺🇸 U.S. Politics Regulation
  1. Meta's social media platforms have been linked to child sex trafficking, exposing many young users to predators. The company prioritized user engagement over safety, putting profits before the well-being of children.
  2. Meta was aware of the risks but did not act on recommendations to protect young users. Their choices have led to millions of interactions between minors and potential predators, fundamentally neglecting child safety.
  3. Estimates suggest that thousands of minors are recruited for trafficking each year through Meta's platforms. This highlights the urgent need for accountability and more stringent safety measures for children online.

Brendan Carr Once Defended Free Speech. Now He Is Trump’s Chief Censor.

Common Sense with Bari Weiss • 306 implied HN points • 19 Feb 26
🇺🇸 U.S. Politics Regulation
  1. Republicans loudly condemned the Biden administration for silencing dissent, but now that they’re in power those First Amendment worries have largely vanished.
  2. Brendan Carr, once a vocal defender of free speech, is now leading efforts to pressure platforms to censor critics under the Trump administration.
  3. During COVID, social platforms suppressed dissenting scientists—blacklisting, banning, and deleting content—which shows how content moderation can stifle alternative viewpoints.

Legal AI adoption is soaring (ft. Harvey)

Enterprise AI Trends • 232 implied HN points • 22 Feb 26
đź•ą Technology Regulation
  1. AI adoption in legal work is accelerating fast as big AI players ship vertical skills and plugins that target legal workflows.
  2. AI acts as a deflationary force for professional services, especially work priced by billable hours, and can hit services harder than traditional software.
  3. AI won’t instantly replace trained lawyers because of liability and regulatory nuance, but it empowers others to do more work faster — often displacing value through “another person using AI.”

The Sequence Radar #816: Last Week in AI: $110B Bets, Nano Banana 2, and the New Economic Reality

TheSequence • 217 implied HN points • 01 Mar 26
đź•ą Technology Regulation
  1. Massive capital is consolidating AI power — OpenAI’s $110B round and big industry deals show that building next‑generation AI infrastructure now requires sovereign-scale investment.
  2. Model and tool breakthroughs are accelerating: Google’s Nano Banana 2, Alibaba’s Qwen3, and new multimodal and agent releases are making production-ready capabilities more powerful and open-source models more competitive.
  3. That power shift is already reshaping economies and policy — companies are cutting thousands of jobs as AI automates work, while governments clash with firms over safety and national-security risks.

Progressives take their best shot at Abundance (but it falls short)

Noahpinion • 14588 implied HN points • 17 Jun 25
🇺🇸 U.S. Politics Regulation
  1. Critics of the book 'Abundance' often haven't read it and misunderstand its ideas. Instead of addressing the arguments, they focus on insulting the authors.
  2. The backlash against 'Abundance' seems to stem from its author Ezra Klein's influence rather than the book's actual content. Some progressives feel threatened by a shift in focus towards empowering the government.
  3. One critic, Sandeep Vaheesan, does engage with the book but misinterprets its core arguments. He points out that while 'Abundance' suggests empowering the government, it doesn't clearly outline the specific actions needed to achieve that.

6 Takeaways From Citrini's Viral AI Doomer Article (and a Bunch of Rebuttals)

SatPost by Trung Phan • 191 implied HN points • 27 Feb 26
đź•ą Technology Regulation
  1. AI agents could automate large parts of white-collar work, pushing down prices and margins across SaaS, professional services, and payments, and risk creating real stress in incomes and financial markets if job losses are widespread.
  2. There are strong counterforces and practical limits—high compute costs, network effects, compliance, and time for adaptation—and productivity gains, new businesses, and policy responses could blunt or reshape the disruption.
  3. Vivid doomer narratives can move markets and public policy despite deep uncertainty, so businesses, workers, and governments should plan for multiple possible outcomes rather than assume a single future.

Bureaucracy Isn't Measured In Bureaucrats

Astral Codex Ten • 32830 implied HN points • 09 Jan 25
🇺🇸 U.S. Politics Regulation
  1. Bureaucracy isn't just about the number of workers; even fewer bureaucrats might not speed up processes if the rules remain the same. Cutting the number of workers could actually slow down operations instead of helping.
  2. Many bureaucratic processes take a long time because of legal needs and mandates set by Congress. Even if you fire some bureaucrats, the steps required to approve things won't change, resulting in delays.
  3. Instead of reducing the number of bureaucrats, the focus should be on cutting unnecessary rules or red tape to make things run faster. Some models have shown success in decreasing regulations by reevaluating what's necessary.

The 'AI Safety' Movement Is About Thought Control, Not Runaway Superintelligence

The Dossier • 129 implied HN points • 26 Feb 26
đź•ą Technology Regulation
  1. The 'AI safety' label is being used to build content filters that enforce a progressive political viewpoint, not just to stop dangerous superintelligence.
  2. Doomsayer calls to pause AI research shift the Overton window so heavy moderation and regulation look like reasonable middle-ground policies, and that helps companies lobby for protective rules and reduce competition.
  3. The bigger danger is the slow encoding of a single ideology into AI systems, enabling automated censorship and engineered consensus through quiet changes to training data and safety rules.

The New "Task Force for Safer Childhood Vaccines" Has a Lot of Work To Do

Injecting Freedom • 26 implied HN points • 16 Mar 26
🏥 Health Politics Regulation
  1. A federal Task Force for Safer Childhood Vaccines was recently reinstated, restoring a government body to address vaccine safety.
  2. A 9-page letter urges immediate reforms across seven HHS agencies, calling for VAERS and VICP changes, elimination of conflicts of interest, more vaccine data transparency, and stricter approval standards.
  3. The task force has a large, urgent workload and should quickly adopt these recommendations to strengthen vaccine safety oversight.

Why my p(doom) has risen, dramatically

Marcus on AI • 10868 implied HN points • 15 Jul 25
đź•ą Technology Regulation
  1. Elon Musk's actions and attitudes towards AI raise serious concerns about the potential risks of unchecked technology. He seems to embrace a reckless approach, even admitting to not fully controlling the AI he's developing.
  2. There is a real threat that powerful AI, especially if mishandled, could cause significant harm to humanity. The lack of strict regulations allows for the possibility of drastic consequences from poorly designed or managed AI systems.
  3. While the chance of total disaster may seem low, the combination of powerful individuals, flawed AI systems, and a lack of oversight creates a scenario where serious risks could emerge, demanding attention and proactive measures.

A Power Grab by the Court

The Status Kuo • 11910 implied HN points • 18 Jan 24
🇺🇸 U.S. Politics Regulation
  1. The Supreme Court case challenges the 'Chevron Doctrine' and could potentially shift regulatory power to judges.
  2. Conservative justices on the Supreme Court seem ready to overturn the established 'Chevron Doctrine' that's been in place for 40 years.
  3. Overruling the 'Chevron Doctrine' could lead to judicial activism, with impact on regulatory powers and potential legal chaos.

Questioning Power

How the Hell • 110 implied HN points • 03 Mar 26
đź•ą Technology Regulation
  1. Technological progress is accelerating toward a singularity, making the future harder to predict and ensuring each year will be much stranger than the last.
  2. Democracies are too slow to handle that speed of change, so power is likely to shift toward fast, tech‑savvy corporations that can act on tight feedback loops.
  3. Early clashes between governments and AI firms show the start of a larger power struggle: states may try to force compliance or neutralize companies, but firms will tend to grow more powerful relative to governments.

How the Billionaire Class Robs You

Erik Examines • 671 implied HN points • 27 Jan 26
đź’° Finance Regulation
  1. Many billionaires get rich from inflated stock valuations and borrowing against paper wealth, not from producing real goods or sustained profits.
  2. Hype, storytelling, and financial engineering turn belief into real purchasing power, pushing up prices for housing and goods and hurting wage earners.
  3. This outcome comes from deregulated finance and tax rules, and it could be changed by reintroducing capital controls, credit regulation, and policies that tie capital to real production.

Eight Years After Deposing Dr. Plotkin, the “Godfather of Vaccines,” He Sends Me a Letter

Injecting Freedom • 186 implied HN points • 25 Feb 26
🏥 Health Politics Regulation
  1. A prominent vaccine expert recontacted a longtime critic after a contentious deposition, focusing on procedural complaints and insisting he should be credited for protecting children while blaming the critic for harm to unvaccinated kids.
  2. The expert pushed post-deposition actions to defend vaccine orthodoxy—urging WHO/FDA/CDC changes and holding private meetings—but those efforts didn’t erase the admissions made in the deposition.
  3. The critic offered a redo deposition and constructive steps to help vaccine-injured children, received no engagement, and published the correspondence to push for transparency and public debate about vaccinology.

Your memecoin is your slush fund

Noahpinion • 25529 implied HN points • 21 Jan 25
đź”® Crypto Regulation
  1. Memecoins like TRUMP and MELANIA are seen as a way to make money without the usual transactions. They can allow people to support political figures while avoiding direct payments.
  2. These coins do not have the same respect as traditional cryptocurrencies like Bitcoin. Many believe they could harm the overall reputation of crypto, as they mainly serve speculative purposes.
  3. Buying these memecoins could be a form of legal corruption, allowing individuals to give money to leaders or celebrities while disguising the true nature of the transaction, similar to a bribe.

The Pentagon, Anthropic, and The Battle For AI Control

The Dossier • 97 implied HN points • 27 Feb 26
🇺🇸 U.S. Politics Regulation
  1. Effective Altruists and some AI companies are trying to set moral rules that limit how governments can use AI, effectively creating an extra governance layer above elected authorities. That stance is being framed as a challenge to constitutional authority.
  2. Anthropic relaxed its safety rules for commercial competition and accepted large investments from Gulf-state actors, yet refuses to let its AI be used by the U.S. military, showing selective principles and reputation-driven choices. Critics argue this reflects prioritizing tech-elite standing over consistent ethical or national-security commitments.
  3. The Pentagon and the Trump administration are pushing back with threats to revoke contracts and invoke the Defense Production Act to secure military access to AI, asserting government control over military uses. The standoff highlights a broader power struggle between elected authorities and private AI firms over who sets the rules.

Infographics: Key Rates & Spreads In the Modern Repo Market

Concoda • 216 implied HN points • 11 Feb 26
đź’° Finance Regulation
  1. The infographic lays out the key repo market interest rates that set the cost of short‑term secured funding. It gives a quick visual sense of how those rates behave in the modern market.
  2. It highlights the average spreads dealers earn on repo trades, showing that dealers capture consistent compensation differences across repo types and counterparties. This makes dealer economics a clear part of repo pricing.
  3. The figures are presented in the context of the Fed’s new policy target, implying these rates and spreads matter for monetary operations and market functioning. That connection suggests changes in Fed policy will affect repo dynamics.