New York Fed announces record use of reverse repo facility

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The Federal Reserve of New York’s overnight reverse repurchase facility did record business on May 27, lending out $485.3 billion to 50 counterparties.

This is the latest peak in the increasing use of the facility, also known as ON RRP. The previous daily record was set on December 31, 2015, when counterparties borrowed nearly $475 billion in assets.

It has provided more than $1.76 trillion in securities so far this week, from May 24 to May 27. In the previous week (May 17–21), the New York

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