Fed's Reverse Repo Facility Attracts $473.5 Billion in Inflows on Final Day of 2024, Largest Since Early Summer
Large amounts of cash poured into the Federal Reserve's reverse repo tool on Tuesday's final trading day of 2024, driving use of the instrument to its highest level since early summer. Money market funds and other eligible institutions deposited $473.5 billion on the Fed's books. That big jump in use was not unexpected, with large amounts of cash often flowing into the Fed at quarter-end and year-end as companies manage their balance sheets, which typically undergo brief adjustments. Tuesday's cash inflows were the highest level since inflows of $664.6 billion on the last trading day of the second quarter, and more than the $465.6 billion at the end of the third quarter on Sept. 30th.
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Overseas capital is aggressively buying US stocks! Net inflows reached $942 billions over the past 12 months, marking a record since 1985.
According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.
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