The Fed has lost control

The Fed has control of this number.  The IOER is now 1.80%.  It was 2.10% until yesterday (Sept 18), when it was lowered.  See the current IOER here:  https://fred.stlouisfed.org/series/IOER

This should have made the 1 month Treasury bill 1.8%.  Instead it is at 2.01%.  Notice that this went UP today, so the problem is getting worse.

Also, the SOFR rate jumped to 5.25% as of 9/17.   This number should have been 2.10%.  See the current SOFR rate here: http://www.sofrrate.com/

The EFF minus IOER spread should be less than 0.05.  Instead it was at 0.45 yesterday (9/18/19).  The EFF was at 2.25% and the IOER was at 1.8%.  See the current EFF rate here: https://apps.newyorkfed.org/markets/autorates/fed%20funds