vs Last Month
−$30B
RRP continues to drain as QT proceeds.
Where Idle Bank Cash Parks
Reverse Repo Outstanding
$0.350T
−$0.030Tvs. last month
Past 12 months$0.34T – $0.72T
vs Last Year−$0.35T
From 2022 Peak−$2.20T
RRP Rate4.25%
RRP balance at $0.35T — near multi-year lows. Excess system liquidity is largely drained; the Fed is likely to end QT once RRP stabilizes below $200B.
Historical trend
Daily RRP usage.
Source: FRED · RRPONTSYD
The long view: since 2014
From $80B at launch to a $2.55T peak in late 2022.
Peak $2.55T · Dec 2022
2021 trough ~$0T · Apr 2021
Today $0.35T
How today stacks up
vs Last Year
−$350B
Half the year-ago balance.
5-Year Average
$1.25T
Today is $0.9T below the 5-yr mean.
QT Watch Level
~$200B
Fed likely halts QT when RRP nears this floor.
Use this number
Tools for the rate-watcher.
About the Reverse Repo Facility (RRP)
The Federal Reserve's overnight reverse repurchase agreement (RRP) facility is where idle cash parks overnight at the Fed. Money market funds, Government-Sponsored Enterprises, and banks deposit cash with the Fed in exchange for a guaranteed overnight return (currently 4.25%). The Fed offers this as a tool to set a floor under short-term rates. Today's $0.350T means $350B of cash is sitting in the facility right now.
Why RRP balance matters
RRP balance is a real-time gauge of excess liquidity in the financial system. When the system has too much cash and nowhere productive to park it, money piles into RRP. When liquidity tightens, RRP drains as cash gets pulled to higher-yielding uses (T-bills, money market trades). The RRP balance fell from $2.55T in late 2022 to ~$0.35T today — that $2.2T has migrated into T-bills and other money-market instruments as the Fed has drained reserves through QT.
Reading today's level
The current $350B is near a multi-year low and signals that excess system liquidity has been substantially drained. Some Fed officials view sub-$200B RRP balances as the level at which the broader banking system might start seeing funding strains. The decline of RRP is one of the key indicators the Fed watches when deciding when to end QT.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
The Fed sells securities overnight with an agreement to buy them back tomorrow at a slightly higher price. The buyer (money market fund, GSE) gets a one-day return at the RRP rate (currently 4.25%). From the Fed's perspective, this temporarily drains cash from the system. "Reverse" refers to the Fed's perspective — to the cash provider it's a standard repo.
Massive QE plus stimulus payments flooded money market funds with cash. MMFs couldn't deploy it fast enough into T-bills (Treasury issuance was constrained by the debt ceiling). The RRP facility became the default home for trillions of dollars. As QT drained reserves and T-bill issuance ramped up post-debt-ceiling, money rotated out of RRP.
Once RRP is fully drained, further QT would reduce bank reserves directly — eventually pressuring overnight rates higher. The Fed has signaled QT will likely end before RRP balances become disruptively low. Mid-2026 is the consensus estimate for QT ending.
The NY Fed publishes RRP usage daily at approximately 1:15 PM ET. The series goes back to 2014 when the facility launched (initially small, capped at $30B per counterparty).
Methodology
Source
Pulled from FRED · RRPONTSYD and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.