Fed’s overnight reverse repo facility usage falls to $227M

The near-empty RRP is a liquidity signal more than a rate signal: with only three counterparties and a few hundred million parked overnight, the facility has effectively stopped acting as a binding floor for money-market rates. That matters for anyone tracking the Fed's balance-sheet runoff and for short-term funding markets, where the RRP's buffer role has shrunk. Whether usage stays this negligible — and whether other money-market rates still hold above the Fed's target range without it — is the open question.