AI Data Insight
According to the latest data, as of September 18, 2026, the size of the US depository institutions' overnight reverse repurchase agreement (ON RRP) facility dropped to $323.803 billion, a further decline from the previous week's $349.663 billion. As the Federal Reserve continues to push quantitative tightening (QT), the role of the ON RRP as a market liquidity buffer is rapidly being depleted. The market is highly focused on the potential pressure of reserves transitioning from "abundant" to "ample," and expects this trend will force the Fed to re-evaluate the timing of its QT exit.