NY Fed: Banks' balance-sheet constraints impact MMFs' investment in ON RRP (as they push excess deposits into affiliated MMFs, causing an increase in the size of the MMF industry ON RRP usage) with banks reduced demand for short-term borrowing causing MMF to replace private repo lending with ON RRP. – Investment Watch

NY Fed: Banks' balance-sheet constraints impact MMFs' investment in ON RRP (as they push excess deposits into affiliated MMFs, causing an increase in the size of the MMF industry ON RRP usage) with banks reduced demand for short-term borrowing causing MMF to replace private repo lending with ON RRP. – Investment Watch
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