Macro · BTC
Fed Balance Sheet & ON RRP
Fed total assets alongside the overnight reverse repo facility.
Fed total assets $BON RRP $B (left)
Understanding this chart
Two plumbing gauges: the Fed's total assets (the QE/QT dial) and the overnight reverse repo facility, where money-market funds park excess cash. RRP drained from $2.5T to near zero through 2023–24 — a drain that quietly offset QT and cushioned markets.
Net-liquidity thinking (balance sheet minus RRP and the Treasury's account) is why 2023 equities rallied through QT. With RRP empty, QT bites directly — and its end, visible in the balance sheet flattening, is the regime change the QT chart tracks against BTC.