Fed overnight reverse repo usage rises to $4.375B on Oct 30

The scale matters less than the counterparties: three participants account for the entire $4.375 billion, so this is a concentrated, not broad, move and says little about system-wide liquidity on its own. The swing from a far smaller prior-day figure underscores how volatile RRP usage has become, making single-day readings a poor signal. Whether this reflects a one-off cash-management shift or the start of a more persistent build in overnight parking at the Fed is the open question worth tracking in the sessions ahead.