Fed Reverse Repo Facility Usage Falls to $1.004B Monday

The RRP's slide to roughly a billion dollars continues its long drift toward irrelevance, a sign that money-market cash has found better uses — most likely Treasury bills or private repo — than parking at the Fed. The counterparty count, just six, matters as much as the dollar figure: this is now a niche tool used by a handful of firms, not a broad liquidity barometer. Whether usage keeps grinding lower, or snaps back around quarter-end and tax dates, is the open question.