Risk and sentiment
US Fed Reverse Repo
Overnight reverse repo balances at the New York Fed, a gauge of money-market liquidity slack.
At a glance
US Fed Reverse Repo: latest value and prior change
As of 2026-07-30, US Fed Reverse Repo is 1.08 bn USD. It is 1.50 bn USD lower than 2.58 bn USD on 2026-07-29.
Across 997 available observations from 2022-08-01 to 2026-07-30, the latest value is at the tie-adjusted 7th percentile.
- Observed on
- Default comparison window
- 2022-08-01–2026-07-30
- Observations · observed cadence
- 997 · Daily
- Data source
- FRED
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
US Fed Reverse Repo
2022-08-01–2026-07-30
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Interpretation guide
The Fed's reverse repo balance: a gauge of leftover cash
The overnight reverse repo (ON RRP) balance is cash that money market funds and other institutions park overnight at the New York Fed when they have nowhere better to put it. It swells when liquidity is abundant and drains as QT and Treasury issuance absorb the surplus. The closer it gets to zero, the thinner the money market's buffer — which is why it is watched as an early liquidity warning.
What moves the balance
Money market funds compare Treasury bill yields against the RRP rate and park cash wherever pays better. When bill supply rises and short rates exceed the RRP rate, money migrates from the facility into bills and the balance falls; when the comparison flips, it rebuilds. The balance is thus a real-time read on money-market supply and demand.
- A falling balance is not tightening per se — it means surplus liquidity is being absorbed into bills.
- The Treasury's issuance plans (the quarterly refunding) are a major driver of its direction.
- Quarter-ends and year-ends produce temporary regulatory spikes; treat them as seasonality.
The link to Fed policy and market liquidity
During QT the facility drains before bank reserves do, acting as a buffer. While the balance is ample, QT does little damage to market liquidity; once it empties, reserves start falling directly and the risk of a short-rate flare-up — like the 2019 repo episode — rises.
- Balances approaching zero have historically preceded Fed discussions of slowing or stopping QT.
- Watch it alongside SOFR pressing against the top of the policy band to catch funding stress early.
- Pair it with the Fed balance sheet (WALCL) to read total liquidity and buffer thickness together.
How Korean investors can use it
Dollar liquidity slack is the backdrop for emerging-market risk assets. QT with a full RRP buffer and QT after the buffer is spent put very different pressure on the Korean market.
- During rapid drawdowns, check USD/KRW for simultaneous dollar strength and EM outflows.
- US money-market stress tends to reach foreign flows in Korean equities with a lag.
- A stable balance regime reads as a liquidity environment friendly to global risk assets.