“即使使用量继续趋于上升，这应该也是RRP短期内的高水位，”道明策略师Gennadiy Goldberg表示，“若10月中旬之前暂停债务上限，应该会推高国库券供应，可能有助于减少RRP的使用量。”On the last trading day of the third quarter, investors deposited a record amount of money with one of the Fed's main instruments.
On Thursday, 92 participants invested a total of $1.605 trillion in the Fed's overnight reverse repo facility (RRP). Counterparties such as money market funds can use this tool to deposit cash with the central bank. The previous record high was $1.416 trillion set the day before. Thursday's increase was the biggest one-day increase since mid-June.
The use of this tool has skyrocketed because investors need a place to store their short-term cash. and there is an imbalance in the US Treasury market-driven in large part by a decline in the US government's cash balance and Fed asset purchases. Concerns about the possible impact of a default on the debt ceiling also boosted demand, as well as the quarter-end effect of money markets.
"even if usage continues to rise, this should be a high water level for RRP in the short term," said Gennadiy Goldberg, a strategist at TD. "suspending the debt ceiling before mid-October should push up the supply of Treasuries and may help reduce the use of RRP."
