Fed’s overnight reverse repo usage falls to $300M on Oct 9

The RRP facility's near-empty state signals that eligible counterparties see little appeal in the Fed's overnight rate relative to alternatives, a condition that has persisted rather than reversed. That matters because the facility once absorbed hundreds of billions in excess cash, and its dormancy means the Fed's balance-sheet runoff is now draining reserves more directly from the banking system. Whether usage stays pinned near zero — or picks up as reserves thin — is the metric worth tracking for funding-market pressure.