Repo

With the ON RRP facility reduced to a rounding error, the structural anchor for short-term cash pricing has shifted fully into T-bills, repo, and private alternatives, and every yield-bearing instrument must reprice accordingly.

The RRP facility's near-collapse on May 21, 2026 removes the cushion that kept short-term funding markets orderly during QT, and tokenized cash products are the first instruments in the line of fire.