"Effective September 22, 2022, the Federal Open Market Committee directs the Desk to:
Conduct overnight reverse repurchase agreement operations at an offering rate of 3.05 percent and with a per-counterparty limit of $160 billion per day; the per-counterparty limit can be temporarily increased at the discretion of the Chair."
From the Federal Reserve Press Release, 21/09/2022
https://www.federalreserve.gov/monetarypolicy/files/monetary20220921a1.pdf
Current reverse repos are needed to drain liquidity from the banking system: a whopping US$2.2 Trillion every day.
https://www.newyorkfed.org/markets/desk-operations/reverse-repo
Ian Reynolds
