The balance of overnight reverse repurchase agreements at the Federal Reserve has fallen to its lowest level in over two weeks, as rising market rates after year-end prompted counterparties to withdraw funds from the Federal Reserve. Approximately 52 counterparties deposited 168.2 billion USD in the Federal Reserve's overnight reverse repo tool on January 9, marking the lowest level since December 23, compared to the previous trading day's 185.1 billion USD. Meanwhile, according to Curvature Securities, the overnight general collateral repurchase rate surged to 4.37% at one point before falling to 4.28%, closing at 4.30%.