Fed Overnight Reverse Repo Usage Jumps to $11.446B From $851M

The scale of the one-day swing — from under a billion dollars to over $11 billion — is the story, not the direction. RRP usage at these levels is far below the facility's historical peaks, so this reads less as a system-wide cash surge than as a handful of counterparties parking funds overnight, and the counterparty count matters for that read. Whether the jump persists or reverses within a session or two is the open question; a single print this far off the recent base is thin evidence of any durable shift in money-market positioning.