Fed overnight reverse repo usage rises to $630M

The RRP facility has been running at token levels, so a move from $461 million to $630 million is noise rather than a signal about system-wide liquidity. What matters is the counterparty count: three participants parking cash overnight suggests residual, idiosyncratic demand from a narrow set of institutions, not a broad shift in money-market conditions. Whether usage stays this trivial, or the count of counterparties begins to widen, is the more useful thing to track than the dollar figure itself.