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RRP Usage Edges Lower After Largest Decline Since April

FED
  • Usage edges a further $19B lower after the Monday’s post quarter-end decline of $173B was the largest since April.
  • It registers a new post-Sep FOMC low (when the rate increased to 3.05%) of $2234B despite three more counterparties at 105 total.
  • BNY Mellon noted after yesterday’s large decline that they expected usage to remain high, with growth in the facility remaining an issue even if the Fed itself hasn’t expressed explicit concern.


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