oh, apparently it's not a malfunction
I noticed that the Fed-controlled slosh seemed to be falling through the floor the last few days - from $190B to $65B since last Thursday - and I had thought the source I was using was malfunctioning, so I didn't mention it. I was wrong; it really is plunging. And those target-rate misses are real, too. That's a huge problem. The former is directly under Ben Bernanke's control; why is the Fed draining liquidity, hard, during a supposed "liquidity crisis?" Karl at Market Ticker has some ideas about that.