{
    "name": [
        {
            "role": "creator",
            "namePart": [
                "Kirk, Kyler"
            ],
            "recordInfo": {
                "recordIdentifier": [
                    "15986"
                ]
            }
        },
        {
            "role": "creator",
            "namePart": [
                "Wong, Russell Tsz-Nga"
            ],
            "recordInfo": {
                "recordIdentifier": [
                    "9342"
                ]
            }
        }
    ],
    "note": [],
    "genre": [
        "article"
    ],
    "abstract": [
        "This article explains why the Fed has been borrowing more than $1.4 trillion from its borrower-of-last-resort facility: the Overnight Reverse Repo. We compare the roles of five channels potentially driving Fed borrowing (such as saving glut, quantitative easing, regulation, etc.) and find that one channel \u2014 the Treasury General Account drawdown \u2014 is associated with most of the current usage. We also find this channel's impact could be partially moderated if the Fed tapers quantitative easing accordingly."
    ],
    "language": [
        "eng"
    ],
    "titleInfo": [
        {
            "title": "The Borrower of Last Resort",
            "subTitle": "What Explains the Rise of ON RRP Facility Usage?",
            "titlePartNumber": "No. 21-43"
        }
    ],
    "originInfo": {
        "issuance": "multipart",
        "sortDate": "2021-12-29",
        "dateIssued": "December 2021"
    },
    "recordInfo": {
        "recordIdentifier": [
            "610443"
        ],
        "recordUpdatedDate": "2026-02-23 15:02:31",
        "recordCreationDate": "2021-12-30 16:27:44",
        "recordType": "item"
    },
    "typeOfResource": "text",
    "physicalDescription": {
        "form": "electronic",
        "extent": "15 pages",
        "digitalOrigin": "born digital",
        "internetMediaType": [
            "application\/pdf"
        ]
    },
    "location": {
        "url": [
            "https:\/\/fraser.stlouisfed.org\/title\/economic-brief-6034\/borrower-last-resort-610443"
        ],
        "iiif_manifest_url": [
            "https:\/\/iiif.slf.digirati.io\/presentation\/item\/610443"
        ],
        "apiUrl": [
            "https:\/\/fraser.stlouisfed.org\/api\/item\/610443"
        ],
        "pdfUrl": [
            "https:\/\/fraser.stlouisfed.org\/docs\/historical\/frbrich\/econbrief\/frbrich_eb_21-43.pdf"
        ],
        "textUrl": [
            "https:\/\/fraser.stlouisfed.org\/files\/text\/historical\/frbrich\/econbrief\/frbrich_eb_21-43.txt"
        ]
    },
    "relatedItem": [
        {
            "@type": "parent",
            "recordInfo": {
                "recordIdentifier": [
                    "6034"
                ]
            },
            "titleInfo": [
                {
                    "title": "Economic Brief "
                }
            ],
            "name": [
                {
                    "role": "contributor",
                    "namePart": [
                        "Federal Reserve Bank of Richmond"
                    ],
                    "recordInfo": {
                        "recordIdentifier": [
                            "521"
                        ]
                    }
                }
            ]
        }
    ],
    "accessCondition": "For more information on rights relating to this item, please see: https:\/\/fraser.stlouisfed.org\/title\/economic-brief-6034\/borrower-last-resort-610443"
}