Fed overnight reverse repo usage rises to $4.736B from $432M

The scale of the jump matters less than the fact that usage remains a rounding error by historical standards, so this is not evidence of a broad cash glut returning to the facility. Four counterparties account for the entire take-up, which points to idiosyncratic, likely quarter-end or collateral-driven positioning rather than a system-wide shift in money market dynamics. The open question is whether participation broadens beyond a handful of users in coming sessions or fades just as quickly.