BREAKING: Demand for the Fed’s Reverse Repo (RRP) facility fell to 21 billion on Tuesday, the lowest since April 2021. The RRP is one of the financial system's key excess liquidity metrics. RRP usage has plummeted by -2.5 trillion since December 2022 and by -440 billion since June 2025. As the US Treasury continues to flood the market with bonds to finance US deficit spending, RRP usage is falling. Institutions are pulling cash out of the RRP to buy the large amounts of T-bills the US Treasury is issuing. Excess liquidity is declining.(The Kobeissi Letter)