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Macro

Fed Overnight Reverse Repo Usage Rises to $851M

The Federal Reserve’s overnight reverse repurchase agreement (RRP) facility took in $851 million on Monday, September 28, from three counterparties, up from $576 million the previous trading day. The RRP is a key tool the Fed uses to absorb excess cash from money markets.

Original source

AI take

RRP balances at this scale are a rounding error against the facility's historical peaks, so the day-over-day jump says more about a handful of counterparties than about system-wide liquidity. With only three participants, the print is too narrow to read as a shift in money-market conditions. The question worth tracking is whether participation broadens beyond a few names, which would signal something structural rather than routine cash management.

Generated by AI for reference only.

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