Reverse Repo (Overnight)
Overnight Reverse Repo facility usage ($B, daily)
| Property | Value |
|---|---|
| Category | macro |
| Unit | $B |
| Resolution | 1d |
| Assets | MACRO |
| Tier | Basic |
| API Endpoint | GET /v1/macro/monetary |
| Field | reverse_repo |
Overview
Federal Reserve Overnight Reverse Repurchase Agreement facility usage (FRED RRPONTSYD), in millions of dollars, daily frequency. Counterparties (mostly money-market funds) lend cash to the Fed overnight in exchange for Treasury collateral. Usage rises when there is excess liquidity in the system and short-term yields are insufficient relative to the RRP rate.
Interpretation
- Rising RRP balances: excess reserves parked with the Fed, effectively sterilizing liquidity from risk markets.
- Falling RRP balances: reserves flowing back into the banking system and risk markets — historically a tailwind for BTC.
- RRP drawdowns have been a major liquidity source during quantitative tightening (2022–2024).
Use Cases
- Use as a key input to
macro_net_liquiditycalculations for BTC macro overlays. - Track around quarter-end and year-end for window-dressing flows that distort short-end markets.
- Combine with
macro_tga_balanceandmacro_fed_balance_sheetto attribute liquidity moves.
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/macro/monetary?start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- Fed Balance Sheet — Federal Reserve total assets ($M, weekly)
- Treasury General Account — US Treasury General Account balance at the Fed ($M, weekly)
- Net Liquidity — Fed Balance Sheet minus RRP minus TGA ($M, weekly)
- Fed Funds Target Rate — US federal funds upper-bound target rate (%, daily)