Fed Overnight Reverse Repo Usage Falls to $427M from $5.087B

A swing of this size at the RRP window is less a signal about policy than about where overnight cash is finding a home, and the counterparty count matters as much as the dollar figure. With only three participants, the facility's usage looks concentrated rather than broadly bid, which makes single-session moves noisy and a poor gauge of system-wide liquidity. Whether the drop persists across coming sessions, or reverses as month-end and balance-sheet dynamics shift, is the open question worth tracking.