Fed Overnight Reverse Repo Usage Falls to $576M

RRP usage this low signals that the Fed's balance-sheet runoff has drained most of the excess liquidity that once parked at the facility, leaving money-market rates more sensitive to shifts in Treasury supply and quarter-end dynamics. The counterparty count, not just the dollar total, is the tell: a facility this sparsely used is no longer an effective buffer, which matters for anyone tracking repo funding conditions. Whether usage rebounds around quarter-end dates, or stays near zero, is the open question.