Fed overnight reverse repo usage rises to $226M with 2 counterparties

The move is noise, not signal: with only two counterparties, the facility's take-up remains a rounding error and says little about system-wide liquidity. What matters is the context the item flags — RRP balances sitting near multi-year lows — which reflects how little excess cash counterparties are willing to park at the Fed. Whether this minimal usage persists, or whether a shift in money-market conditions pushes balances meaningfully higher, is the open question worth watching.