Fed Overnight Reverse Repo Usage Rises to $325M on Nov 13

The move is small in dollar terms but notable for its direction: RRP usage jumping and the counterparty count staying at one suggests a narrow, idiosyncratic cash-placement decision rather than a broad shift in money-market conditions. With volumes this thin, single-counterparty prints carry little signal about system-wide liquidity, so the read-through for funding markets is limited. Whether usage stays clustered around a lone participant or broadens out is the open question worth tracking.