AI Data Insight
In the fourth quarter of 2026 (October 30), the usage of the US Overnight Reverse Repurchase Agreement (ON RRP) facility rebounded slightly to $4.375 billion, up from $353 million the previous day, but overall it has nearly reached zero from its historic peak of over $2.5 trillion at the end of 2022. This implies that the liquidity buffer absorbing the impact of quantitative tightening has been exhausted, leading to strong market expectations that the Federal Reserve is about to prematurely end its balance sheet runoff policy.