Fed Overnight Reverse Repo Usage Falls to $152M Tuesday

The RRP facility is plumbing, not a market signal, and at this scale its daily swings say more about a handful of counterparties shuffling cash than about system-wide liquidity. With usage in the hundreds of millions and only a few participants, the facility is effectively dormant as a parking spot for excess reserves. The open question is whether take-up stays this negligible or whether it picks up as a barometer of shifting cash conditions.