Fed’s Overnight Reverse Repo Facility Usage Rises to $461M

The RRP facility sitting near half a billion dollars with only a handful of counterparties is a rounding error against its historical peaks, so the day-over-day uptick carries little signal on its own. What it does show is that the facility is now a marginal plumbing tool rather than a meaningful absorber of excess cash, which matters for anyone tracking where money-market liquidity actually sits. Whether usage drifts higher or stays negligible is the open question; at these levels, the print says more about the floor's technical role than about system-wide cash conditions.