Apr. 25 at 12:40 AM
$AMC NFA
Based on data as of April 24, 2026, the Federal Reserve's Overnight Reverse Repo Facility (RRP) has dropped to essentially zero, with usage falling to
$0.082 billion.
This level is, for all practical purposes, the lowest it has been in the modern era of post-pandemic monetary policy.
Lowest Level Since 2021/Pre-Pandemic: The RRP peaked at over
$2.5 trillion in late 2022. By mid-2025, it had fallen to around
$20-
$30 billion, which was reported as a four-year low.
Near-Zero Status (2026): By early 2026, the facility was described as "empty" or "drained," with balances often dropping below
$100 billion, marking a 99% decrease from its peak.
The rapid, near-total depletion of the facility indicates that the excess liquidity—created during the pandemic-era stimulus—has fully returned to the financial system. A small residual balance may persist due to operational reasons by certain participants, but for the purposes of absorbing excess cash, the facility is exhausted.
