Fed Overnight Reverse Repo Usage Falls to $1.42B

The RRP facility's use as an overnight cash-draining tool has been fading for some time, so a session this thin mostly reflects how few counterparties still find it worthwhile rather than a new shift in policy. What matters is the counterparty count as much as the dollar figure: four participants means the facility is now a marginal outlet, not a broad one. For RWA and crypto markets, the practical read is that the RRP is no longer a meaningful competitor for short-term cash, leaving money-market funds and T-bills to absorb that role. Whether usage stays this low or snaps back around quarter-end is the open question.