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Speech
Monetary Policy Implementation: Adapting to a New Environment
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Discussion Paper
Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023
Take-up at the Overnight Reverse Repo Facility (ON RRP) has halved over the past six months, declining by more than $1 trillion since June 2023. This steady decrease follows a rapid increase from close to zero in early 2021 to $2.2 trillion in December 2022, and a period of relatively stable balances during the first half of 2023. In this post, we interpret the recent drop in ON RRP take-up through the lens of the channels that we identify in our recent Staff Report as driving its initial increase.