8.12.21
Use of the Fed’s Overnight Reverse Repurchase Agreements, used by institutional investors to park excess cash for modest or even zero interest, had never been over $1 trillion before July 30 ($1.039T). It pushed well past that again last Thursday, August 12 at $1.087T, and hasn’t dipped below $1 trillion since, reflecting “growing imbalances in front-end markets.”