AI Data Insight
According to the latest data, on October 9, 2026, the Federal Reserve's Overnight Reverse Repurchase Agreement (ON RRP) usage dropped to $300 million, a further decline from the previous day's $335 million. With the past balance of up to $2.55 trillion almost completely exhausted, the function of ON RRP as a liquidity buffer for the Fed's quantitative tightening (QT) has officially ended. The market is closely monitoring the direct impact of subsequent balance sheet reduction on bank reserves, expecting the Fed may need to prematurely slow down QT to prevent liquidity risks.