In recent days, the Federal Reserve conducted several Reverse Repo Operations with varying amounts and numbers of counterparties involved. The operations included $409.816B with 73 counterparties, $435.880B with 71 counterparties, $441.215B with 82 counterparties, $443.928B with 74 counterparties, and $464.912B with 78 counterparties. Additionally, the New York Fed took $443.9B in the RRP program at 5.30% with 74 participating counterparties.
78 COUNTERPARTIES TAKE $464.912B AT FED REVERSE REPO OPERATION.
Repo rates are perfectly within the Fed's policy corridor. Plenty of cash to fund dealer Treasury positions for now! QT to continue. https://t.co/Gkn80pFZmG
NY Fed takes $443.9B (v $441.2B prior) in RRP program at 5.30%; 74 participating and accepted counterparties $SPY
74 COUNTERPARTIES TAKE $443.928B AT FED REVERSE REPO OPERATION.
82 COUNTERPARTIES TAKE $441.215B AT FED REVERSE REPO OPERATION.
Less than half of US banks have established borrowing capacity by pledging collateral at the Federal Reserve's emergency lending facility, per the Fed. Overall 5,418 banks & credit unions had legal agreements to borrow from the Fed in 2023, up from 4,952 a year earlier.
71 COUNTERPARTIES TAKE $435.880B AT FED REVERSE REPO OPERATION.
Reverse Repo $409.8BN, up from $397.2BN
Seeing the RRP balance fall again ... 👀 - 73 counterparties take $409.816b at Fed Reverse Repo Operation
73 COUNTERPARTIES TAKE $409.816B AT FED REVERSE REPO OPERATION.