Fed’s overnight reverse repo usage falls to $276M from $5.375B

The collapse in RRP usage to a few hundred million dollars from over $5 billion in a single day, across just three counterparties, points to how thin and concentrated participation in the facility has become. This matters less as a liquidity signal than as a reminder that the RRP has largely emptied out, leaving money-market cash with few places to park overnight. Whether usage keeps drifting near zero or spikes again around quarter-end is the open question worth watching.