Rapid Declines in the Fed’s Overnight Reverse Repurchase (ON RRP) Facility May Start to Slow

Stefan Jacewitz

Economic Bulletin, 2023, 4

Abstract: The value of assets held at the Federal Reserve’s overnight reverse repurchase (ON RRP) facility has dropped by close to 60 percent from its peak in December 2022. Much of this drop is attributed to an increase in Treasury bill issuance to refill the Treasury General Account (TGA) after the most recent debt-limit debate. However, the TGA is not expected to grow much more, suggesting the rapid decline in assets held at the ON RRP could slow.

Keywords: banking and finance; monetary policy; overnight reverse repurchase (ON RRP); Treasury General Account (TGA) (search for similar items in EconPapers)
Date: 2023
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