Fed’s overnight reverse repo facility usage rises to $353 million

The move is notable less for its size than for its persistence near the bottom of the facility's historical range: a handful of counterparties parking a few hundred million dollars signals that the floor tool is doing little work while policymakers hold rates steady. For money-market desks, the relevant read is that the RRP remains a residual outlet rather than a binding constraint, so its weekly swings carry little signal on their own. Whether take-up stays this marginal as the Fed's stance holds is the open question worth watching.