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US TSYS/OVERNIGHT REPO: ON RRP Takeup Ticks Higher After 3+ Year Lows

US TSYS/OVERNIGHT REPO

Takeup of the Fed's overnight reverse repo facility ticked up $7.3B Tuesday to $118.1B after 3 consecutive drops that saw facility usage fall around $70B to the lowest level since April 2021. 

  • After dipping partly on account of Treasury settlements, ON RRP takeup is seen ticking higher through the coming sessions - with most attention in the space on whether the Fed as expected drops the ON RRP offer rate 5bp vs other administered rates.

 

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Takeup of the Fed's overnight reverse repo facility ticked up $7.3B Tuesday to $118.1B after 3 consecutive drops that saw facility usage fall around $70B to the lowest level since April 2021. 

  • After dipping partly on account of Treasury settlements, ON RRP takeup is seen ticking higher through the coming sessions - with most attention in the space on whether the Fed as expected drops the ON RRP offer rate 5bp vs other administered rates.