Usage of the Federal Reserve’s overnight reverse repurchase agreement facility edged higher on 15 August, with 16 counterparties parking a combined $33.757 billion. The take-up, reported by the New York Fed, is up from the post-pandemic low set earlier this week and contrasts with the multi-trillion-dollar volumes seen in 2022–23. Money-market traders have been watching the facility closely as balances continue a steady decline toward zero, a shift that suggests abundant reserves—estimated at more than $3 trillion—remain in the banking system. Observers say the trend and its implications for quantitative tightening are likely to feature in discussions at the Federal Reserve’s Jackson Hole conference later this month.