MMFs’ Fed repos dwindle to five-year low
Just four managers account for remaining balances as funds shift to Treasuries and repos with dealers
US money market funds’ (MMFs) utilisation of the Federal Reserve’s overnight reverse repo (ON RRP) window dwindled to just $3.3 billion in January, the lowest since February 2021, split across just four fund managers.
The figure represents a 95.4% decline from end-2025. Funds’ investments with the ON RRP peaked at $2.34 trillion in December 2022, and at one point accounted for 80.9% of their total
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