Fed Overnight Reverse Repo Usage Rises to $5.375B

The swing is notable less for its size than for its composition: four counterparties account for the entire take-up, so this reads as a handful of balance-sheet decisions rather than a broad shift in money-market conditions. RRP usage at this scale is a rounding error against the facility's history, which makes the day-over-day jump a weak signal on its own. The open question is whether this reflects month-end or quarter-end positioning dynamics or a genuine change in where cash is parked; a single print cannot distinguish the two.