Fed Overnight Reverse Repo Usage Falls to $453M

The headline number is trivial; the signal is that a facility once absorbing over $2 trillion is now drawing only a handful of counterparties, meaning the excess reserves that defined the post-2020 era have been almost fully drained from the system. That matters for anyone holding duration or liquidity-sensitive crypto and RWA positions, since the RRP has been a reliable proxy for how much cash is sitting on the sidelines. The open question is whether this near-empty reading reflects genuine scarcity of excess cash or simply that the remaining spread no longer compensates participants, which determines whether money-market pressure builds from here.