Fed RRP Usage Rises to $237M Across 13 Counterparties

The RRP's near-floor usage is the real signal here: the facility has effectively stopped functioning as a drain on excess liquidity, and a routine $10 million daily change across 13 counterparties says more about how few participants still bother than about any shift in policy stance. For funding desks, the takeaway is that money-market balances are sitting elsewhere, leaving the RRP as a residual backstop rather than an active tool. Whether take-up stays pinned near these minimal levels as the facility's role continues to shrink is the open question worth tracking.