The Overnight RRP Facility is a facility of the Federal Reserve, which conducts overnight reverse-repurchase agreements with money funds and government-sponsored enterprises. The facility was created in 2014 as a tool to help the Fed control monetary policy. The facility lay largely dormant until March 2021, when it ballooned to roughly $1.5 trillion by November 2021. BPI Chief Economist Bill Nelson explains why that matters.

To learn more, please visit www.bpi.com/overnightrepo.