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FinObservatory

Short-term funding

Where repo and money-fund cash move through the US funding system

The volume side of US financial plumbing: how many dollars actually move through the repo market each day, against what collateral, and where the $8.4 trillion money-market-fund complex places its cash. Daily repo series by market segment (tri-party, FICC DVP, FICC GCF) and monthly MMF aggregates, republished from the OFR Short-Term Funding Monitor's public API. The September 2019 repo spike, the March 2020 dash for cash, and the rise and fall of the ON RRP era are all visible in the published series.

$2.39T
Tri-party repo, daily volume
OFR | settled | Aug 12, 2026
$2.73T
FICC DVP repo, daily volume
OFR | cleared | Aug 13, 2026
$0.27T
FICC GCF repo, daily volume
OFR | cleared | Aug 13, 2026
$3.36T
FICC DVP repo outstanding
OFR | stock | Aug 13, 2026
$8.40T
MMF investments, total
OFR | monthly | Jun 30, 2026
$3.07T
MMF repo lending
OFR | monthly | Jun 30, 2026

Data as of Aug 12, 2026 daily repo, Jun 30, 2026 MMF (OFR STFM)

Volumes here, rates there. Money-market rates (SOFR, EFFR, the FOMC target range) live on the financial-conditions page, from the NY Fed's reference-rate API; this page carries the quantities behind them, from the OFR. Every series is an aggregate statistic as published by the OFR (US government work, credit rendered per its legal notice); nothing here is firm-level. Transaction volume is a daily flow of new trades; outstanding volume is a stock. See the methodology for the exact mnemonics, endpoints, and vintage caveats.

Repo markets

Tri-party repo volume is 205% above its first published day

Daily US transaction volume in USD trillions for repurchase agreements settling in the tri-party service (from Aug 22, 2014) and clearing in FICC's DVP and GCF services (both published from May 2018). Tri-party settled $0.78T on its first published day and $2.39T on Aug 12, 2026, a gain over the starting value. On September 17, 2019, the repo-spike day when SOFR printed 5.25%, tri-party volume was $1.44T; in the March 2020 dash for cash it peaked at $1.58T (Mar 17, 2020).
Tri-party REPO-TRI_TV_TOT-PFICC DVP REPO-DVP_TV_TOT-PFICC GCF REPO-GCF_TV_TOT-P
Hover for each segment's daily transaction volume, USD trillions

Source: OFR U.S. Repo Markets Data Release Preliminary vintage (-P), the one the OFR monitor itself charts; the Final vintage lags by about a quarter. The chart keeps each window's extreme daily prints: every point is a real observation. Methodology

Repo collateral

Government collateral secures 75% of tri-party repo volume

Daily US tri-party transaction volume by collateral class in USD trillions. On Aug 12, 2026, US Treasury collateral carried $1.06T and agency/GSE collateral $0.73T, against $0.42T of other collateral and $0.18T of corporate debt.
US Treasury REPO-TRI_TV_T-PAgency / GSE REPO-TRI_TV_AG-PCorporate debt REPO-TRI_TV_CORD-POther REPO-TRI_TV_O-P
Hover for daily volume against each collateral class, USD trillions

Source: OFR U.S. Repo Markets Data Release Collateral classes are as published by the OFR. The four classes sum to the tri-party total (asserted at build against the OFR's own series). Methodology

Money-fund assets

Bank-related MMF assets fell 59% during the reform shift

Monthly US money-market-fund investments in USD trillions, total and by the OFR's five asset classes. Total MMF assets were $3.08T on Nov 30, 2010, the first month of the collection, and $8.40T on Jun 30, 2026. Bank-related assets fell in 2016, moving from $0.66T at end-2015 to $0.27T at end-2016, and Treasuries and repo are the two largest holdings in the latest data.
Total MMF-MMF_TOT-MRepo MMF-MMF_RP_TOT-MTreasuries MMF-MMF_T_TOT-MAgency / GSE MMF-MMF_AG_TOT-MBank-related MMF-MMF_BRA_TOT-MOther MMF-MMF_OA_TOT-M
Hover for month-end MMF holdings by asset class, USD trillions

Source: OFR U.S. Money Market Fund Data Release Month-end aggregates cover all reporting US money market funds. The five asset classes sum to the total (asserted at build). Methodology

Money-fund repo

Money-fund repo with the Fed has drained almost entirely

Monthly US money-market-fund repo lending by counterparty in USD trillions. Repo with the Federal Reserve peaked at $2.34T in the month ending Dec 31, 2022, the ON RRP era's high-water mark in this collection, then fell to $6.8 billion by Jun 30, 2026.
Federal Reserve MMF-MMF_RP_wFR-MFICC-cleared MMF-MMF_RP_wFICC-MUS financial institutions MMF-MMF_RP_wDFI-MForeign financial institutions MMF-MMF_RP_wFFI-MOther counterparties MMF-MMF_RP_wOCP-M
Hover for month-end MMF repo by counterparty, USD trillions

Source: OFR U.S. Money Market Fund Data Release Counterparty classes are as published by the OFR. Gaps are published gaps in the OFR series and are not interpolated. Methodology

The series behind this page

All 20 OFR series carried here, with the exact mnemonic, the OFR's own series name, and the coverage actually served by the API at the last refresh. Values are USD; repo series are the Preliminary (-P) vintage.

MnemonicOFR series nameGroupFreqFirst obsLatest obs
MMF-MMF_AG_TOT-MMoney Market Mutual Fund Investments in Federal Agency and GSE SecuritiesMMF portfolioMonthly2010-11-302026-06-30
MMF-MMF_BRA_TOT-MMoney Market Mutual Fund Investments in Bank-Related AssetsMMF portfolioMonthly2010-11-302026-06-30
MMF-MMF_OA_TOT-MMoney Market Mutual Fund Investments in Other AssetsMMF portfolioMonthly2010-11-302026-06-30
MMF-MMF_RP_TOT-MMoney Market Mutual Fund Investments in Repurchase AgreementsMMF portfolioMonthly2010-11-302026-06-30
MMF-MMF_RP_wDFI-MMoney Market Mutual Fund Investments in Repurchase Agreements with U.S. Financial InstitutionsMMF repo by counterpartyMonthly2010-11-302026-06-30
MMF-MMF_RP_wFFI-MMoney Market Mutual Fund Investments in Repurchase Agreements with Foreign Financial InstitutionsMMF repo by counterpartyMonthly2010-11-302026-06-30
MMF-MMF_RP_wFICC-MMoney Market Mutual Fund Investments in Repurchase Agreements Cleared by FICCMMF repo by counterpartyMonthly2014-03-312026-06-30
MMF-MMF_RP_wFR-MMoney Market Mutual Fund Investments in Repurchase Agreements with the Federal ReserveMMF repo by counterpartyMonthly2011-03-312026-06-30
MMF-MMF_RP_wOCP-MMoney Market Mutual Fund Investments in Repurchase Agreements with Other CounterpartiesMMF repo by counterpartyMonthly2010-12-312026-06-30
MMF-MMF_TOT-MMoney Market Mutual Fund Investments: TotalMMF portfolioMonthly2010-11-302026-06-30
MMF-MMF_T_TOT-MMoney Market Mutual Fund Investments in U.S. Treasury SecuritiesMMF portfolioMonthly2010-11-302026-06-30
REPO-DVP_OV_TOT-PDVP Service Outstanding Volume: Total (Preliminary)Repo outstanding volumeDaily2018-05-072026-08-13
REPO-DVP_TV_TOT-PDVP Service Transaction Volume: Total (Preliminary)Repo transaction volumeDaily2018-05-072026-08-13
REPO-GCF_OV_TOT-PGCF Repo Service Outstanding Volume: Total (Preliminary)Repo outstanding volumeDaily2018-05-072026-08-13
REPO-GCF_TV_TOT-PGCF Repo Service Transaction Volume: Total (Preliminary)Repo transaction volumeDaily2018-05-072026-08-13
REPO-TRI_TV_AG-PTri-Party Transaction Volume: Federal Agency and GSE Securities (Preliminary)Tri-party by collateralDaily2014-08-222026-08-12
REPO-TRI_TV_CORD-PTri-Party Transaction Volume: Corporate Debt (Preliminary)Tri-party by collateralDaily2014-08-222026-08-12
REPO-TRI_TV_O-PTri-Party Transaction Volume: Other Collateral (Preliminary)Tri-party by collateralDaily2014-08-222026-08-12
REPO-TRI_TV_T-PTri-Party Transaction Volume: U.S. Treasury Securities (Preliminary)Tri-party by collateralDaily2014-08-222026-08-12
REPO-TRI_TV_TOT-PTri-Party Transaction Volume: Total (Preliminary)Repo transaction volumeDaily2014-08-222026-08-12

Source: OFR, Short-Term Funding Monitor Fetched from data.financialresearch.gov/v1 (free, no authentication). US federal government work; credit rendered per financialresearch.gov's legal notice. Methodology

Related: money-market funds by category (government, prime, tax-exempt) and holdings, from SEC Form N-MFP, on money funds; the rates these volumes trade at, on financial conditions; the Fed's lender-of-last-resort window, also on /conditions. See the full methodology for endpoints, mnemonics, vintages, and the license note.