According to data released last Friday, as an important reservoir of liquidity in the US money market, the use of the Federal Reserve's Overnight Reverse Repurchase Facility (RRP) is currently only about $600 billion. According to the rate of decline in the past six months, this number is likely to return to zero as early as March. Many analysts point out that the rapid decline in the size of overnight reverse repo is the result of sustained monetary tightening by the Federal Reserve and a larger scale of bond issuance by the US Treasury. From the perspective of hedging liquidity tightening, including Dallas Fed Chairman Logan's recent statement that as RRP trading volume approaches "low levels," the Federal Reserve should slow down the pace of QT.