Fed Overnight Reverse Repo Usage Falls to $201M

The RRP's near-empty print is a structural story more than a daily one: with only two counterparties, the facility is effectively idle as a cash-absorption channel, meaning the Fed's balance-sheet runoff is now draining reserves rather than parked money-market cash. That shifts the marginal pressure onto repo markets and reserve balances, where funding stress would surface first. Whether counterparty count and volumes stay this thin, or the facility regains use if money-market rates soften relative to the offering rate, is the open question worth tracking.