The TGA is the US Treasury's cash account at the Federal Reserve; ON RRP is the Fed facility where money market funds and other eligible firms park cash overnight. Both sit on the Fed's balance sheet outside the banking system, so with the Fed's assets unchanged, a dollar more in either one is a dollar less of bank reserves. The TGA held $920.2B on 2026-10-13; ON RRP held $0.2B on 2026-10-14.
| TGA | ON RRP | |
|---|---|---|
| What it measures | The US Treasury's cash balance in its account at the Federal Reserve. | Cash that money market funds and other eligible firms lend to the Fed overnight against Treasury collateral. |
| What moves it | The Treasury: tax receipts and debt sales raise it; federal spending and debt redemptions lower it. | Money funds' choice between the Fed's offered rate and private repo or Treasury bills; the Fed sets the facility's rate. |
| Frequency | Daily (business days) | Daily (business days) |
| Unit | US$ billions | US$ billions |
| Latest value | $920.2B (2026-10-13) | $0.2B (2026-10-14) |
| Change over 1 year | +$125.8B | -$3.3B |
| Role in the DLI | Input, Policy / Reserves group | Input, Policy / Reserves group |
| Source | US Treasury, Daily Treasury Statement | FRED · RRPONTSYD |
Both lines share one axis and unit.
Treasury bills link the two. When the Treasury sells more bills than it redeems to rebuild its cash, money market funds buy many of them with cash they would otherwise place at ON RRP. The TGA rises, ON RRP falls, and bank reserves fall by less than the rise in the TGA alone would imply.
That is what happened after the debt limit was suspended in June 2023: the Treasury rebuilt its cash with a wave of bill sales, and much of the money came out of ON RRP. When the Treasury runs its cash down instead, as it does ahead of a debt-limit deadline, it sells fewer bills and money funds have more cash to place at ON RRP.
They do not always move against each other. Tax dates in mid-April, June, September and December lift the TGA within a day without touching ON RRP, and ON RRP often jumps at quarter-ends, when banks shrink their repo books for regulatory reporting and money funds move cash to the Fed.
The offset also needs cash in ON RRP to begin with. Once the facility is nearly empty, a TGA rebuild has to be funded from bank deposits and reserves instead, so the same rise in the TGA drains more reserves.
On 2026-10-14, ON RRP held $0.2B, against a peak of $2.55T on 2022-12-30 in this page's history.