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RRP Uptake Continues Trend Decline

  • RRP uptake lifted $41B to $725B today but it does little to alter the recent renewed trend decline after Friday’s slide to $683B (-$86B) and -$54B on Thu, for new recent lows since Jun 2021.
  • The number of counterparties increased by four to 86.
  • The latest trend decline in RRP usage comes amidst still strong demand for Treasury t-bill issuance (with today’s 26-week issue seeing the highest bid-to-cover since early September) and ICI money market fund assets recently touching new highs of $5.9tn.

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