Indicator · updated with every release
Fed reverse repo (RRP) today
Cash that money market funds and others lend to the Fed overnight. While it sits there it isn’t funding anything else, so it is subtracted in Fed Net Liquidity.
The full Overnight reverse repo chart is in Pro, with its whole history, ranges, overlays and alerts, next to 111 other charts.
What it is
The overnight reverse repo facility (ON RRP, FRED RRPONTSYD) lets eligible firms, mostly money market funds, lend cash to the Fed overnight against Treasury collateral at a fixed rate. It is published every business day by the New York Fed.
It peaked at US$2.55 trillion on 30 December 2022 and then drained to near zero as funds moved into Treasury bills, which cushioned bank reserves during quantitative tightening.
Why it matters for liquidity
Cash in the facility is liquidity parked at the Fed. When it falls, that money usually returns to markets, for example by buying newly issued Treasury bills. With the facility now close to empty, it can no longer cushion falls in bank reserves.
Questions
How much is in the reverse repo facility now?
As of 2 November 2026, US$5.1 billion, compared with US$52 billion a year earlier.
Why is the reverse repo subtracted in net liquidity?
Money lent to the Fed overnight sits on the Fed’s balance sheet as a liability and isn’t available to banks or markets, so Fed Net Liquidity takes it off the balance sheet total.
Related
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Start free trialGeneral information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.