Fed overnight reverse repo usage holds at $200M with single counterparty

The near-empty RRP is a quiet but telling signal about the plumbing of dollar liquidity: with so few counterparties bothering to park cash at the Fed, the facility has effectively stopped functioning as a daily outlet for excess reserves. That matters less for headline rates than for what it reveals about where cash is instead sitting — presumably in bills, repo or other short-term instruments offering a spread over the Fed's rate. The open question is whether this minimal take-up persists as Treasury supply and reserve levels shift, since persistent single-counterparty usage makes the facility look more like a residual backstop than a policy tool.