Fed Overnight Reverse Repo Usage Rises to $576M

The absolute level remains trivial, so the signal is in the direction and the thin participation — three counterparties is a near-empty facility, not a broad liquidity shift. What matters is whether this marks the start of a rebuild in RRP usage after a long stretch near zero, since that would speak to the wider question of how much excess cash is still sitting in the system. One uptick this small is noise; a sustained climb is the thing worth tracking.