The amount of reverse repurchase tool used by the Federal Reserve has dropped to the lowest level since April 2021.

The balance of overnight reverse repurchase agreement tools of the Federal Reserve dropped to the lowest level since April 2021 on Wednesday. About 14 trading partners held around $14 billion in reverse repurchase agreements, down from $18.8 billion the previous trading day. The number of participants hit the lowest level since August 14th.