AI Data Insight
The latest data for Q2 2026 shows that the usage of the US Federal Reserve's Overnight Reverse Repurchase Agreement (ON RRP) facility has edged down to 0.454 billion USD, similar to the previous value of 0.46 billion USD, both indicating a state of near depletion. This demonstrates that the liquidity sponge which previously absorbed the impact of Quantitative Tightening (QT) no longer exists, and the market is paying close attention to the potential subsequent impacts on bank reserves and short-term interest rates.