来源：环球市场播报 美联储隔夜逆回购协议（RRP）的余额周三降至2021年4月以来的最低水平。 约14家交易对手利用RRP在美联储存放约140亿美元，低于前一个交易日的188亿美元。参与者的数量也 创下8月14日以来最低。 ...

Core Viewpoint - The Reserve Bank of India (RBI) plans to withdraw 1 trillion rupees (approximately 11.6 billion USD) through a variable rate reverse repo agreement on June 27, aiming to prevent overnight borrowing costs from declining further and to manage liquidity in the financial system [1][4]. Group 1: RBI's Actions and Intentions - The RBI's decision to withdraw liquidity is intended to address the mismatch caused by key financing rates and short-term rates being persistently below the central bank's main policy rate [1]. - Analysts suggest that the RBI is acting cautiously to strengthen policy transmission and mitigate inflation risks while balancing economic growth and inflation control [1][5]. - The RBI's recent actions have led to a sell-off in short-term bonds, with the yield on the 2029 bond rising by 4 basis points to 6.03% and interbank rates increasing by 5 basis points to 5.32% [4]. Group 2: Market Reactions and Economic Indicators - Over the past two months, overnight rates have been consistently 20-25 basis points lower than the repo rate, with the shortest-term government bond yields also approximately 15 basis points lower [4]. - The RBI's liquidity injection of over 9.5 trillion rupees since January has contributed to the current low rates, prompting the need for liquidity withdrawal [4]. - The RBI's interest rate corridor, which includes a current repo rate of 5.5%, an upper limit of 5.75%, and a lower limit of 5.25%, is designed to manage short-term borrowing costs and guide liquidity in the banking system [4].

Core Viewpoint - The usage of the Federal Reserve's overnight reverse repurchase agreement (RRP) decreased to $152.727 billion on June 5, down from $168.882 billion in the previous trading day [1] Group 1 - The current RRP usage indicates a decline in liquidity management by market participants [1] - The previous day's RRP usage was significantly higher, suggesting fluctuations in market conditions [1]