Welcome To (Treasury) Thunderdome! Overnight Reverse Repo Facility Surges To $104.7 Billion As Investors Seek Shelter From Negative Rates

https://confoundedinterest.net/2021/03/31/welcome-to-treasury-thunderdome-overnight-reverse-repo-facility-surges-to-104-7-billion-as-investors-seek-shelter-from-negative-rates/ 

Usage of the overnight reverse repurchase facility surged to $104.7 billion on Tuesday, the most since last April, according to data from the New York Fed. It pays an overnight rate of 0% — well above the minus 0.05% available at Tuesday’s close in the general collateral market — helping to temporarily reduce the quantity of reserve balances in the banking system