Birdwatch Note Rating
2023-04-06 22:28:00 UTC - HELPFUL
Rated by Participant: 3E0588FA5C81CE8E0CAE1E0E1ED43F42B7AA1BE530721F208C067AAAAACC7ACB
Participant Details
Original Note:
The Fed already does trillions in bank transfers daily w/ FedWire. This new system, FedNow, has been in the works since 2019, and removes the current restrictions of 7pm the prior day to 9pm current day Mon-Fri transfers, making them instant. This is not a digital currency https://www.investopedia.com/terms/f/fedwire.asp https://www.frbservices.org/financial-services/fednow/about.html
All Note Details