The NY Fed has published a lengthy article focusing on the Reverse Repo (RRP) facility, “Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations”, Federal Reserve Bank of New York Staff Reports, Staff Report No. 712 February 2015. This is a two-part post on the research piece. The first post looks at the impact that the RRP has on the markets. The second looks at how the facility had been modified to address some of the perceived weaknesses and what risks those changes may create.