The Fed's reverse repurchase usage rose from $56.67 billion to $64.85 billion

It may seem like a small number, but the direction is meaningful.

The reverse repurchase agreement is where financial institutions park excess cash with the Fed. An increase in usage means liquidity is marginally tightening in the market.

This contrasts subtly with the stock market hitting new highs and the of risk assets.

A barometer of systemic liquidity, worth continuous attention.