Deposit Outflows Shine Light on Fed Program That Pays Money-Market Funds

📆 05/04/2023 08:20 a. m.
📰 WSJ

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Policy makers seem to prefer letting market forces drain the $2.2 trillion parked at the Fed's reverse repo facility

Banks are under pressure from depositors’ embrace of money-market funds, pushing a popular Federal Reserve-sponsored financing program into the spotlight.are increasing at a record clip.

Much of that cash is making its way to the Fed’s overnight reverse repurchase facility, which borrows from money funds and other firms in exchange for securities such as Treasurys and then returns the money the next day.

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