The Federal Reserve Collective, which assembled for the last time at Iota on Monday night, hasn’t so much disbanded as resigned themselves to its constitutional crisis — one that most bands would love to have. Simply put, its members are too popular for the once-monthly collab sessions that the FRC has hosted at Iota for the last couple years. “A lot of us have started drifting off in different directions,” says Federal founding father Jesse Elliott of These United States over email. What he means to say is that they’re all out on tour.

The Federal Reserve Collective — and to be sure, that’s a glossy name for a sit-in night, a semi-practiced bullshit session for local peers and sympathetic out-of-towners — began the way these things always do. A jam in someone’s living room, another and another over a long few months, an off-night at a small venue, a regular weeknight at a local club. That’s how scenes are built.

The last episode did not offer anything much grander than any show in the series has: some musicians playing solo, some musicians playing in small groups. Though local stalwarts These United States — who, along with Vandaveer, represent the most popular act closely associated with the federation — headlined the evening, they played just three songs, in keeping with the spirit of the program. To the detriment of the evening, the worst acts played damn-near full sets, while the nights’s gem played just two songs.