Fed’s overnight reverse repo facility usage rises to $330M

The move is notable less for its size than for what it signals about liquidity at the margin: RRP usage remains a rounding error in the broader system, so a jump from $100 million to $330 million reflects a handful of counterparties parking cash, not a shift in the aggregate liquidity backdrop. Worth watching is whether this is a one-session blip tied to quarter-end-adjacent positioning or the start of more consistent take-up, since the facility's usage has historically been read as a barometer of how much excess cash is sloshing around the front end.