AI Data Insight
The US Federal Reserve's Overnight Reverse Repurchase Agreement (ON RRP) fell to 0.030 billion USD in the third quarter of 2026 (July 20), further contracting from the previous value of 0.1 billion USD, indicating that the excess liquidity accumulated during the pandemic has been depleted. As this liquidity cushion disappears, the market's sensitivity to short-term interest rates and Treasury issuance will significantly increase, and the Fed's balance sheet reduction policy faces a new test.