Fed Overnight Reverse Repo Usage Falls to $225M

The headline number is almost beside the point: a single counterparty and a few hundred million dollars is a rounding error for a facility that once absorbed trillions, so the useful signal is the near-emptiness of the tool rather than the day-over-day drop. That matters for anyone tracking how the Fed's balance-sheet plumbing is being used, since RRP usage has become a proxy for excess cash sloshing around the system. Whether counterparty counts stay this thin is the open question worth watching.