US money market funds turn away from the Federal Reserve’s Reverse Repo Facility and towards non-bank counterparties

The Federal Reserve’s Reverse Repo Facility (RRP) had a good run up, topping out at $468 billion in cash borrowed in December 2016. US money funds lent 86% of this cash. More recently however, competitive rates from dealers plus fungibility from US Treasury issuance means much less reliance on the RRP. US money funds are also showing more interest in non-bank counterparties. Here’s what the data look like.
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