Our research focuses on post-2013 U.S. monetary policy institutional change and its determinants. First, we show that the development of the Overnight Reverse Repurchase agreement facility (ON RRP) by the Federal Reserve since 2013 was influenced by the infrastructural power of a subset of shadow banks: Money Market Funds (MMFs). In a world where macroeconomic management rests on the shoulders of supposedly neutral central banks and where State agency is increasingly market-based, monetary authorities enact their power by transacting with private markets. The markets (infrastructures) via which monetary policy is conducted enjoy infrastructural power vis-à-vis central banks and contribute to shaping policymaking. Since 2013, in an effort to keep its economic steering power, the Federal Reserve (Fed) has deepened its entanglement with U.S. shadow banking; it turned into a permanent, direct, safe and overnight investment opportunity for a set of shadow banks.