This graph shows the amount of repo and reverse repo operations at the New York Fed. "The New York Fed conducts repo and reverse repo operations each day as a means to help keep the federal funds rate in the target range set by the Federal Open Market Committee (FOMC). Operation results include all repo and reverse repo operations conducted, including small value exercises."(NY Fed, 2025)
Primary dealers and eligible banks & depository institutions participate in the repo operations. The collaterals are U.S. Treasuries, Agency Debt Securities, and Agency MBS. From the data, we can see that repo facilities are heavily used only in distressed periods.
Primary dealers, money market funds, GSEs, and some banks without a master account at the Fed (cannot earn interest on reserves) participate in the Reverse Repo operations. A high level of RRP typically means a high level of cash holdings in the money market funds, which can be used to purchase newly issued treasury bills.