AI Data Insight
As of June 29, 2026, the Federal Reserve's Overnight Reverse Repurchase Agreement (ON RRP) volume plummeted to $3.546 billion, further shrinking from the previous value of $6.426 billion and hitting a new low in recent years. This signals that the massive excess liquidity accumulated during the pandemic has been exhausted. Subsequent Quantitative Tightening (QT) will directly impact bank reserves, potentially elevating volatility risks in funding markets in the short term.