Fed’s Overnight Reverse Repo Facility Usage Falls to $100M

A single counterparty and a nine-figure-to-eight-figure swing in one session says more about the concentration of remaining RRP users than about system-wide liquidity. With usage this thin, the facility is effectively idle as a policy tool, and the marginal prints are noise rather than signal. The question worth watching is whether the Fed treats near-zero take-up as confirmation that reserves are no longer abundant enough to absorb drainage, which would shift attention to the pace of balance-sheet runoff.