Fed’s overnight reverse repo usage falls to $200M on Oct 23

The headline number is small, but the direction and the single-counterparty detail carry more weight than the dollar figure: RRP usage this thin signals that excess cash in the system has largely drained, leaving the facility as a residual backstop rather than an active liquidity sink. That matters for anyone tracking the plumbing behind short-term rates and the broader liquidity backdrop that crypto and RWA markets lean on. The open question is whether usage stays this negligible as the Fed's balance-sheet runoff continues, since a persistent near-zero RRP narrows the buffer between reserves and rate-control friction.