Fed’s Balance Sheet Liabilities: RRPs Plunge, Reserves Rise after Bank Panic, Currency in Circulation Dips after Pandemic Spike, TGA Gets Refilled

The daily measure of Overnight Reverse Repurchase agreements (ON RRPs) at the Fed have plunged to $1.40 trillion as of Friday. This is down by 45%, or by $1.152 trillion, from the one-day-wonder peak on December 31, 2022.  Under these RRPs, the Fed takes in cash and hands out collateral...